Strengthen Internal Controls with Oracle Risk Management Cloud
Use Financial Reporting Compliance Cloud Service to optimize controls within and outside your financial processes using an integrated solution as part of your Oracle ERP Cloud deployment. Insight Driven – Improve financial oversight for effective, risk-aware business decisions and culture; Strategic – Leverage compliance to find and fix process issues across all business functions; Ultra-Efficient – Reduce manual effort and errors by automating labor-intensive tasks. In-Control and Compliant – Demonstrate that controls are enforced, known risks are controlled, and emerging risks are mitigated.
Document Risks and Manage Controls
Stay Up to Date: Establish and update your risk and controls matrix, control test plans, and instructions
Rationalize Controls: Map hierarchies for mandates (SOX, etc), frameworks (COSO, COBIT etc), processes, risks, objectives, legal entities, etc.
Improve Decision Making: Identify and document business risks in a unified repository
Assess Control Effectiveness
Optimize for Efficiency: Plan assessments based on geography, business unit, and compliance requirements
Ensure Timely Assessments: Automate periodic or ad-hoc control testing (assessments), risk assessments, or surveys
Simplify Reporting: Capture and store all test results, evidence, and comments in a single repository
Address Deficiencies and Certify Controls
Detect Critical Issues: Allow user to create issues as part of the assessment flow
Notify Stakeholders Promptly: Automatic email notification sent to issue owners and approvers
Certify with Confidence: Create and update remediation plans and tasks, and certify controls (SOX 302, 404 etc.)