ServiceNow, the enterprise cloud company, has announced it is acquiring Intreis and is expanding its governance, risk and compliance (GRC) offering.
The company is aiming to help organisations manage risk by integrating and automating compliance testing as well as auditing processes into existing service management processes.
ServiceNow says it has integrated the Unified Compliance Framework (UCF) database of compliance documents into the latest release of its existing GCR solution.
“Companies can improve visibility into their risk profile, better mitigate those risks and drive more effective risk-based decision making,” says ServiceNow.
The company says Intreis is a team of GRC experts with a unique approach to implementing GRC-enabled service management solutions across the enterprise.
Intreis has focused its business on building a single system of record with ServiceNow to power their customers' internal controls framework in order to meet stringent risk management and compliance obligations.
Given their own work with clients integrating UCF into ServiceNow deployments, Intreis was part of ServiceNow's product design team and helped to integrate the UCF into the company's latest release.
UCF is an industry-vetted GRC compliance database that provides customers a single point of management over hundreds of complex IT compliance requirements from around the world.
In addition, a team of Intreis subject matter experts will join the ServiceNow professional services organisation and GRC product team to further expand the company's overall compliance offering.
Dave Stephens, ServiceNow Service Management general manager, “Intreis has been a valued partner, working collaboratively with us to redefine the way technology can address today's compliance challenges.
“The team's domain expertise and unparalleled customer experience within GRC will allow us to accelerate and expand our offering to help our customers stay ahead of the dynamic regulatory environment.
According to ServiceNow, over the last three years Intreis has grown rapidly by improving operational effectiveness, reducing costs and demonstrating compliance to regulators and auditors for their customers.
Kris Markham, Intreis co-founder and CEO, says, “We've helped companies change their view of risk and compliance from a necessary evil to a strategic differentiator with a faster and less costly approach.
“The ServiceNow platform allows companies to move away from outdated and siloed approaches to compliance, reducing unnecessary competition for resources, eliminating redundant processes and closing critical gaps in visibility.
The latest release of ServiceNow features dashboards to provide real-time insight for the CIO into the company's risk profile and an assessment survey capability to automate and simplify evidence collection.
The financial terms of the acquisition are not being disclosed. The latest release of ServiceNow's GRC solution is available in limited release to existing customers and will be generally available shortly.