Without the ability to digitize risk and compliance activities, organizations cannot rise to calls for greater accountability, nor can they evaluate and manage potential threats to the business, while keeping resources and costs in check. Finance teams are challenged by labor-intensive, disparate, spreadsheet-driven tasks to meet new and existing compliance requirements.
Given the increased focus on individual accountability for wrongdoing, this manual approach can create significant new risks for organizations. Oracle Financial Reporting Compliance Cloud Service is designed to simplify and automate compliance tasks and to provide reliable and responsive compliance oversight.
Oracle Financial Reporting Compliance Cloud Service helps customers consolidate the process of documenting and assessing business practices to satisfy financial reporting regulations, such as Sarbanes-Oxley (SOX) and equivalent laws, around the world and in the public sector. Integrated with Oracle ERP Cloud, this service automates labor-intensive tasks and protects sensitive data by replacing the use of unsecure spreadsheets, emails and documents. This cloud solution allows customers to:
• Identify and assess financial reporting risk enterprise-wide
• Respond to risks by selecting, assessing, testing, and strengthening financial reporting controls
• Determine control and operational effectiveness accurately and comprehensively
• Ensure manual controls are enforced and work performed is documented
• Review and remediate issues for both control failures and audit findings
• Improve visibility to internal and external stakeholders
• Certify controls and financial reports
“Oracle Financial Reporting Compliance Cloud Service strengthens internal controls by automating best practices and lessons learned from a decade of expertise in risk and compliance solutions,” said Chris Leone, senior vice president, Applications Development, Oracle. “With Oracle Financial Reporting Compliance Cloud Service, organizations can deploy an integrated service that delegates control assessments to business owners who are in the best position to make material improvements. Empowering business owners to manage their own controls ensures accountability, transparency and effective risk management.”
“Integrated cloud services help our clients quickly implement a modern risk process by aligning controls based on business risks, helping to increase security and optimize their financial procedures,” said Laeeq Ahmed, KPMG's Oracle Security and Controls practice leader. “With this solution, clients can import KPMG’s library of more than 500 leading best practice application controls directly into a secure cloud environment. This not only can save hundreds of hours in manual labor by automating the set-up, customization, updating and assessment of cloud application controls, but reduces financial and business risk as well.”
When Oracle Financials Reporting Compliance Cloud Service is implemented along with Oracle ERP Cloud, it enables optimization of control procedures within and outside financial processes. Besides lowering IT implementation costs this approach results in a more robust ERP implementation as well as a faster, more cost-effective SOX process for the long term. Through automation, this service delivers immediate benefits to your finance control owners, compliance, audit and IT staff.