Risk Management Cloud

Financial Reporting Compliance

Financial Reporting Compliance (FRC) is a cloud service that streamlines internal assessments and automates labor-intensive tasks required to complete external certifications for SOX or similar mandates. Integrated with Oracle ERP Cloud, this service protects sensitive data by replacing the use of insecure spreadsheets, emails and documents.

There are a number of key benefits to be gained from using FRC:

Strengthen Internal Controls

Use Financial Reporting Compliance Cloud Service to optimize controls within and outside your financial processes using an integrated solution as part of an Oracle ERP Cloud deployment.

Manage Risks and 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, analyze, and evaluate business risks in a unified repository

Assess Control Effectiveness

  • Risk-based Scoping – Schedule assessments based on risk, geography, business unit, etc.
  • 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.)
Advanced Financial Controls

 Oracle Advanced Financial Controls enables organizations to

  • Continuously monitor transactions in Oracle ERP for potential cash leakage, transaction errors and compliance violations
  • Automate Segregation of Duties and access controls thereby enabling them to restrict unwanted access
  • Accelerate implementation of security by leveraging prebuilt best practice library of access and transaction controls
  • Author new audit rules and manage exceptions

 OneGlobe provides a full suite of services to help companies to implement FRC and Advanced Financial Controls