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How ServiceNow IRM can be saviour for Indian banks

The Reserve Bank of India has established new rules for financial institutions regarding IT GRC and Assurance. These guidelines emphasize the importance of strong IT governance, ongoing compliance monitoring, and comprehensive risk management. By April 2024, compliance with these requirements is required. They explicitly ask for improved cybersecurity measures, guaranteed data integrity, and continuous regulatory compliance. This action is a reflection of the RBI’s initiative to strengthen the banking industry’s operational resilience and financial stability.

ServiceNow, acclaimed as a leader in IRM solutions by the latest Forrester research, offers a highly credible and effective platform to meet these RBI mandates. ServiceNow provides automated risk assessments for cybersecurity, enabling institutions to proactively detect and counter possible cyberthreats and maintain a safe online environment. Its real-time dashboards give banks ongoing supervision over compliance, allowing them to stay in line with evolving requirements and avert possible infractions. Additionally, effective resolution of IT governance issues depends on ServiceNow’s incident management protocols. These routines make it possible for IT-related events to be quickly identified, analyzed, and resolved, guaranteeing banks’ continued operations and compliance with RBI regulations. Banks can meet the rigorous criteria of the RBI while also optimizing their risk management procedures and upholding a high standard of operational excellence by utilizing these capabilities.

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