Financial Reporting ComplianceAdvanced Financial Controls

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.

Zain Telecom addresses strategic Risk Management Objectives with Oracle Risk Management

Benefits

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.)

Deliverables

  • Implementation Project plan
  • Communications plan
  • Reporting plan
  • Functional requirements
  • Technical requirements
  • Solution hardware requirements
  • Detailed cost and resource estimates
  • Project team enablement workshops
  • Project Status Reports
  • Design workshops and Design document
  • Infrastructure architecture
  • Solution prototype
  • Integration testing
  • Usability review and acceptance testing
  • Training and knowledge transfer
  • System and user documentation

Advanced Financial Controls (AFC) Cloud Service enables continuous monitoring of all expense and payables transactions in Oracle ERP Cloud, for potential cash leakage, violation of internal policies, process inefficiency, and fraud. It replaces inefficient manual audit and sampling practices with automated controls to identify and remediate incidents.

Zain Telecom addresses strategic Risk Management Objectives with Oracle Risk Management

Benefits

  • 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

Deliverables

  • Implementation Project plan
  • Communications plan
  • Reporting plan
  • Functional requirements
  • Technical requirements
  • Solution hardware requirements
  • Detailed cost and resource estimates
  • Project team enablement workshops
  • Project Status Reports
  • Design workshops and Design document
  • Infrastructure architecture
  • Solution prototype
  • Integration testing
  • Usability review and acceptance testing
  • Training and knowledge transfer
  • System and user documentation

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