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Celonis, ServiceNow, KPMG launch Connected Integrated Risk Management
Celonis, ServiceNow, and KPMG have teamed up to launch Connected Integrated Risk Management (IRM), the first in a portfolio of connected solutions.
The Celonis-ServiceNow partnership, formed a year ago, spent 2022 building out its Find, Frame, Fix formula to accelerate digital transformation for customers. At Celosphere 2022, Celonis, ServiceNow, and KPMG discussed the Connected IRM approach in a presentation in Munich.
Connected solutions combine the leading low-code hyper-automation platform where work gets done and the most dynamic process intelligence around use cases to help customers modernize, remediate and enrich their processes.
“Connected Solutions are built-for-purpose applications that bring intelligence and actions together in a way never thought possible, making the Find, Frame, Fix formula a reality. Alliances such as the one with KPMG play a crucial role in the delivery of Connected Solutions and the most important outcomes for enterprise organizations,” Rob Popovic, Head of Indirect Sales, said.
Connected IRM maximizes our combined synergies in the risk management domain. ServiceNow IRM is powerful if the risk data lives on the NOW platform. Celonis integrates risk data from all enterprise systems and provides a single pane of glass of risk management within the NOW platform. Celonis finds risk across systems and frames the impact. ServiceNow’s IRM fixes the exposure. Together, the companies deliver real-time, continuous control monitoring everywhere.
“Celonis allows customers to look at their processes through three lenses - inefficiencies, risk, and sustainability. When Celonis gets activated on a process to push relevant data into ServiceNow, it creates further opportunities for customers to streamline and automate their processes and drive sustainable actions,” explained Dr. Patrick Lohmann, Head of Solution Engineering, Indirect Sales.
Using the KPMG Powered Enterprise Risk solution, which is an integrated risk management approach that includes KPMG's target operating model, process taxonomy and control catalogs, Celonis will ingest data from third party systems, deploy process discovery, automatically test control indicators, collect evidence and proactively detect and push risk events into the NOW platform. KPMG is also the services provider that will integrate the technology and deploy IRM.
The companies said that managing risk was the first of the Connected Solutions portfolio because risk management has become critical on multiple fronts. Risk lives everywhere. Be it vendor risk of poor delivery performance; supply chain risk stemming from supply shortfalls, production failures, or factory slowdowns; risk of financial losses in incoming and outgoing cash flow activities; or missed sustainability targets of reduced carbon emissions, sustainable spend, and diversity. However, enterprises cannot manage what they cannot see.
Traditional risk management programs do not actually manage and mitigate risk due to their lack of visibility into enterprise systems and processes, and manual point-in-time controls testing. Most programs therefore don’t reduce risk.
At its ServiceNow World Forum in Chicago Nov. 2, ServiceNow's Nate Aschenbach, Senior Director, IT Applications Finance, walked through how the company uses Celonis to Find, Frame, and Fix in its financial operations. That experience helped inform the IRM rollout. Aschenbach said ServiceNow uses Celonis for Accounts Payable and Accounts Receivable to analyze process inefficiencies.
Aschenbach said Celonis helped ServiceNow cut onboarding time for its suppliers by 48%. "Celonis tends to connect with finance folks," said Aschenbach, "it gives you faster access to cash and analyzes processes across multiple systems."
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