ServiceNow IRM SOX FAQs

ServiceNow IRM SOX FAQs: This comprehensive FAQ document addressing key inquiries about ServiceNow IRM (Integrated Risk Management) and its pivotal role in achieving Sarbanes-Oxley Act (SOX) compliance.

In this guide, we delve into the critical functionalities and capabilities of ServiceNow IRM, tailored to streamline and enhance processes related to SOX compliance. From documentation and assessment to testing, reporting, and beyond, ServiceNow IRM stands as an instrumental tool in ensuring adherence to SOX requirements. Explore the following FAQs to gain a thorough understanding of how ServiceNow IRM empowers organizations in their pursuit of robust compliance and risk management.

SOX and ServiceNow Overview:

What is SOX?

The Sarbanes-Oxley Act (SOX) is a US federal law that was enacted in 2002 to protect investors from fraudulent accounting activities by corporations.

Who does SOX apply to?

SOX applies to all publicly traded companies in the United States, as well as foreign companies that are listed on US stock exchanges.

What are the key provisions of SOX?

The key provisions of SOX include the establishment of the Public Company Accounting Oversight Board (PCAOB), which oversees the auditing of public companies, and the requirement for companies to establish and maintain internal controls over financial reporting.

What are the penalties for non-compliance with SOX?

Penalties for non-compliance with SOX can include fines, imprisonment, and delisting from stock exchanges.

ServiceNow IRM SOX FAQs: Compliance

What is ServiceNow IRM?

ServiceNow Integrated Risk Management (IRM) is a cloud-based platform that helps organizations manage risk and compliance activities.

How does ServiceNow IRM help with SOX compliance?

ServiceNow IRM provides a centralized platform for managing SOX compliance activities, including control testing, issue management, and reporting.

What are the key features of ServiceNow IRM for SOX compliance?

The key features of ServiceNow IRM for SOX compliance include automated control testing, real-time monitoring of control effectiveness, and customizable dashboards and reports.

What is the role of ServiceNow IRM in achieving SOX compliance?

ServiceNow IRM plays a crucial role in streamlining and automating processes related to Sarbanes-Oxley Act (SOX) compliance. Additionally, it facilitates documentation, assessment, testing, and reporting of controls to ensure adherence to SOX requirements.

How does ServiceNow IRM facilitate documentation and management of SOX controls?

ServiceNow IRM provides a centralized platform for documenting and managing SOX controls. Moreover, it enables users to create detailed control profiles, including their purpose, owner, testing frequency, and associated risks. Consequently, this information is easily accessible for ongoing compliance efforts.

Can ServiceNow IRM assist in mapping SOX requirements to specific controls and processes?

Yes, ServiceNow IRM allows organizations to map SOX requirements directly to the corresponding controls and processes. This, in turn, ensures a clear and transparent alignment between regulatory mandates and implemented controls.

How does ServiceNow IRM streamline the process of identifying and assessing control deficiencies?

ServiceNow IRM automates the identification and assessment of control deficiencies through systematic testing and reporting. Therefore, it provides a structured approach to track and remediate any identified deficiencies efficiently.

How to do SOX Audits in ServiceNow?

Reporting

What reporting capabilities does ServiceNow IRM offer for SOX compliance purposes?

ServiceNow IRM offers robust reporting capabilities. This enables users to generate customized reports on SOX compliance status, control effectiveness, testing results, and more. Consequently, these reports provide valuable insights for management and auditors.

Testing

Can ServiceNow IRM automate the testing and validation of SOX controls?

Yes, ServiceNow IRM automates the testing and validation of SOX controls through predefined test plans and workflows. In effect, this streamlines the process, ensures consistency, and provides an auditable record of testing activities.

Remediation

How does ServiceNow IRM handle the documentation and tracking of control remediation efforts?

ServiceNow IRM provides a structured framework for documenting and tracking control remediation efforts. It allows users to create and manage remediation tasks, assign ownership, set due dates, and monitor progress until deficiencies are resolved.

How to for Integrated Risk Management?

ServiceNow IRM SOX FAQs: Governance

Can ServiceNow IRM assist in managing the workflow and approval process for SOX-related activities?

Yes, ServiceNow IRM offers workflow automation capabilities to manage the approval process for SOX-related activities. Consequently, it ensures that tasks, assessments, and documentation follow the defined approval paths.

What features of ServiceNow IRM make it particularly suitable for organizations seeking SOX compliance?

ServiceNow IRM offers a user-friendly interface, robust control documentation and testing capabilities, workflow automation, reporting tools, and seamless integration options. Consequently, this makes it an ideal solution for organizations pursuing SOX compliance.

ServiceNow IRM SOX FAQs: Implementation and Integration

How to approach planning and aligning for IRM Implementation?

Does ServiceNow IRM integrate with other tools or platforms commonly used in SOX compliance efforts?

Yes, ServiceNow IRM is designed to integrate with a wide range of tools and platforms commonly used in SOX compliance efforts. This includes GRC platforms, financial systems, and reporting tools.

What you need to know with regards to Entity Management?

Resources:

• Getting Ahead of Global Regulations
• Governance, Risk, and Compliance (GRC)
• GRC for SOX Compliance – Reduced Burden
• GRC Industry Reference Matrix
• SOX Control-Management and Attestation