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Advice and Information for Finance Professionals

Learn How to Accelerate ERP Cloud Implementations at Oracle OpenWorld

Guest Author

By Barry Greenhut, Director, GRC Product Strategy, Oracle

It's almost here! Oracle OpenWorld starts this weekend, with a wealth of sessions for finance professionals. In particular, those involved in managing risks and implementing controls will want to check out our sessions on the latest techniques to fight fraud, manage ERP security, and streamline compliance with SOX and other regulations.   

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Learn how to make ERP projects easier and better with smart decisions about security, audit, and controls using Oracle Risk Management (GRC) Cloud Services. Hear from Caesars Entertainment, Saks / Hudson’s Bay, KPMG and PwC about their stories — and earn CPE credits while you listen.  

Get an overview of Oracle's advanced ERP controls and learn best practices. These controls automatically and continuously detect segregation-of-duties violations, manage exceptions, and fix unauthorized access to sensitive functions and data. Learn how Oracle ERP Cloud owners streamline role design, access policies, and regulatory compliance. Get detailed guidance on ensuring strong controls across Oracle’s finance, HR and supply chain cloud applications.

You can also get a rare look at how Oracle devises and enforces controls in its own cloud implementations and operations. Oracle business and compliance teams for finance, employee expense management, and more offer a look into their policies and enforcement techniques. Hear from Oracle’s head of financial governance and compliance on the benefits of implementing risk management and ERP clouds together. 

Click here to learn more, earn accounting CPE credits, and enter to win an iPad.

Oracle customers are deploying Oracle Financials Cloud and Oracle Risk Management Cloud at the same time to streamline their ERP implementation and processes, and minimize the reassessment of financial controls that is often required by external auditors after new financial systems are implemented.

The following risk management capabilities help accelerate ERP cloud implementations:

Oracle Financial Reporting Compliance Cloud streamlines tasks required by financial reporting regulations, such as Sarbanes-Oxley (SOX) and equivalent global regulations. It automates periodic control assessments, audit test plans, evidence collection, and tracking issues to closure. This typically replaces the use of spreadsheets and email, significantly reducing manual effort, coordination and consolidation.

  • Before ERP implementation, Oracle Financial Reporting Compliance Cloud provides the infrastructure and workflow automation needed to ensure that business processes are clearly documented, inherent risks in those processes are described, and appropriate controls to address those risks are specified.
  • During ERP implementation, it provides workflow automation to support ERP configuration and acceptance tests. These tests demonstrate that ERP processes and controls behave as expected, in both staging and production environments. To prepare for ERP go-live, Oracle Financial Reporting Compliance Cloud provides data and automation to generate the documentation needed for control certification.
  • After ERP go-live, it supports the management of changes to business processes, control obligations, and new ERP cloud functionality by automating workflow for process re-documentation, risk review and updating, control review, updating and reassessment.

Oracle Advanced Financial Controls Cloud protects against fraud, error and policy violations by continuously monitoring for suspicious financial transactions such as identical expense items, split purchase orders, duplicate invoices, unusual invoice amounts and unauthorized spending. This service uses advanced audit analysis techniques such as fuzzy matching, anomaly detection and Benford’s law across your financial data.

  • During ERP implementation, Oracle Advanced Financial Controls Cloud automates the validation of acceptance test activity to ensure control effectiveness. Acceptance tests should be designed to include both appropriate and inappropriate actions (for example, split purchase orders).
  • After ERP go-live, it continually identifies transactions that are unexpected and unwanted. Each of those transactions are logged and assigned to a reviewer, and all subsequent action related to the transaction’s remediation or acceptance is logged too.

Oracle Advanced Access Controls automates SoD detection and remediation required by Sarbanes-Oxley (SOX) and equivalent global regulations. It automates the analysis of every user’s access down to 6,000+ functional security privileges, combined with data security configurations, in Oracle Cloud. This solution provides a library of configurable access controls that can help restrict unauthorized access to sensitive data and provide simulations to optimize role definitions and visualizations to quickly resolve SoD issues.

  • Before ERP implementation, Oracle Advanced Access Controls analyzes Oracle ERP Cloud’s pre-built roles and other user access security configurations to show your security designers how the pre-built configuration aligns with your organization’s controls.
  • During ERP implementation, it continues to analyze Oracle ERP Cloud user access configurations — for example, as your security designers introduce custom roles and change other configuration settings. This type of analysis substantially accelerates role and security tuning, and yields ERP processes where users can do what their jobs require, and no more.
  • After ERP go-live, it continually identifies users who have access to more functionality and/or data than they should.

Click here to learn more, earn accounting CPE credits, and enter to win an iPad.

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