Financial Reporting Compliance Advanced Access Controls Advanced 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

With significant Cloud adoption, Enterprises are increasingly looking to moving their enterprise resource planning (ERP) applications to Cloud and Oracle ERP on Cloud offers a comprehensive suite of modules and capabilities designed to empower modern finance and deliver customer success with streamlined processes, increased productivity and improved decisions. Whilst today enterprises are convinced of cloud’s many benefits including scalability, availability, cost reductions but the benefits should not obscure the need for a strong application security design aimed to deter fraud and ensure that transactions performed in the cloud are appropriate and authorized. 

 

Why SOD Matters 

SoD is meant to help ensure responsibilities for essential or consequential business functions are dispersed between more than one person or department. Without this separation, risks ranging from asset theft to fraudulent financial statement manipulation become significantly more difficult to manage. It is a highly complex organization control that’s critical to many other business controls. Understanding that SOD analysis is a business control and that the business—not the IT department—is responsible for ensuring that it is performed at regular intervals adds a valuable layer of risk management.

 

Oracle’s AAC Offering 

Oracle's Advanced Access Controls (AAC) Cloud Service enables continuous monitoring of all access policies in Oracle ERP, potential violations, insider threats and fraud.  It automates security analysis to ensure segregation of duties, and compliance with access policies. Organizations can easily upgrade their existing processes by deploying a pre-built library of best practice access controls, or graphically author new controls to suit their changing needs. They can manage all their application access risks, using access controls and compensating monitoring controls with a secure solution embedded within the Oracle ERP Cloud

 

Features

  • Continuously monitor access policies
  • Pre-built Best Practice Controls for Segregation of Duties
  • Graphical Workbench for users to author and configure controls
  • 6,000+ ERP Cloud access entitlements & access points to configure controls
  • Remediation of access conflicts supported by visualization & simulation
  • Integration with Financial Reporting Compliance Cloud Service
  • Embedded dashboard with analytics and reporting

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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