By Julie Lev, Director, ERP Cloud Product Marketing, Oracle
Pivots to growth are happening everywhere as companies move toward recovery. Business leaders are making big moves, such as launching new products and services, expanding through mergers and acquisitions, and raising cash for new opportunities with divestitures.
Undoubtedly, many of these companies will meet obstacles along the way to brighter futures, but those with a risk-intelligent culture will be able to seize opportunities and weather storms without compromising security or their financial integrity.
A risk-intelligent culture is one that aligns IT, finance, operations and audit around an organization’s most critical risks—promoting a culture of risk-intelligence where risks are connected to strategic outcomes. In order to accomplish this, organizations must pivot from a legacy approach to risk management—one that is task-focused with disconnected security, risk, and audit functions—to a risk-based approach where these functions are not only linked, but embedded in critical ERP business processes. Companies can make time-critical, risk-aware business decisions and foster a collaborative culture of risk identification and mitigation.
There are many solutions that automate security, risk, and audit. Automation helps to ensure efficiencies, replacing manual, labor-intensive activities. However, automation is not the only component needed to support a risk intelligent culture. Risk strategies and solutions must also be effective. Effective strategies and solutions are proactive—not reactive—helping your organization identify potential risks at points of origins for immediate awareness and coordinated response.
Effective risk management requires:
Security, risk, and audit controls are embedded in Cloud ERP processes. And, working off of the same “single source of truth,” IT, finance, operations and audit are connected functions. They can support ongoing change while maintaining control and providing a continuous, collaborative cycle for organized risk prevention and response. Employees can make risk-aware decisions as part of their everyday work. Preventing and managing risk becomes a fluid part of common tasks, such as paying suppliers and processing invoices. And, with AI-driven continuous monitoring and analysis of security, financial transactions, configurations, and audit data, organizations can identify risks and take action faster, averting disastrous outcomes like hefty fines, cyberattacks, damage to your reputation, and a negative impact to your bottom line.
By aligning around enterprise risks—cyber, regulatory, financial and operational—organizations can provide the solid risk foundation necessary to undertake big moves and function as a synchronized team. You can: