By Sriram Chandran, Senior Manager, Enterprise Application Solutions, Protiviti
Integrated risk management (IRM) solutions are becoming increasingly important across organizations of all industries and sizes. As risks in the business landscape and workforce evolve rapidly, organizations must be proactive, agile, and coordinated in their approach to security, risk, and compliance. In this context, IRM is about providing an end-to-end view of risks within organizations, so they can integrate risk management into their business processes and culture.
An IRM solution should increase risk-awareness and responsiveness across business units. To achieve this, a minimum functional requirement includes the facilitation of a single, comprehensive enterprise-wide view with collaboration necessary for risk-based decisions, efficient response, and adequate compliance. In addition, it’s critical to have functionality that provides deep analytics to support real-time detection of risk, prevention of fraud or security breaches, and risk-based decision making.
Having access to real-time data is crucial for a complete analysis of user access for the separation of duties and other controls. This deep analysis, followed by continuous or automated monitoring of user access, periodic reviews or certification, can significantly impact an organization's ability to stay secure.
IRM aims to increase risk-awareness within an organization. Thus, it’s important to expect more than just managing access controls. Instead, let's talk about analyzing user activity. Providing business process owners with the ability to quickly identify, stop, or respond to breaches or fraudulent activity when it happens and where it originates helps increase vigilance at all levels. An IRM solution with continuous configuration and transaction monitoring can significantly reduce the effort and time required to identify these risks.
Many solutions address only part of the functionality needed for a robust IRM solution, offering a limited view of the enterprise's risk data required for risk-based decisions. Solutions such as Oracle Cloud Risk Management for Oracle Applications customers provides the collaboration, real-time access to data, and continuous monitoring to support IRM.
A native and built-in solution, by definition, has a single source of data, shares the same look and feel, and has the same security controls. Oracle’s native applications have been built with Oracle Cloud standards and coded in the same programming language as Oracle Cloud ERP.
Let's now take a look at the technical capabilities that matter, to evaluate whether the advantages of a native or built-in solution are significant.
Native applications operate in real-time, allowing the solution to work from real-time data and operate at 100% accuracy. This means user access or updates to access security in ERP applications are reflected in Oracle Risk Management immediately. Thanks to consistent architecture and native integration, users encounter few (if any) data integration or sync issues. This ensures reporting that is timely and free of record conflicts.
Let’s look at a contextual example. Because Oracle Risk Management resides within Oracle Cloud ERP, business-critical data stays within the solution and is not stored on a potentially vulnerable data center or an external server. The fewer places the data is housed, the less risk and vulnerability for any security threat. Also, Oracle Risk Management uses the same security standards as Oracle Cloud ERP. Like Oracle Cloud ERP, Oracle Risk Management has granular controls of each functional privilege through a sophisticated role-based architecture.
Any application should be simple to use, intuitive, and provide a consistent user interface. A native application like Oracle Risk Management has the same UI/UX experience as the business-critical Oracle Cloud ERP application. Since it's a native app that uses a similar user log-in, adoption and training for business users will be easier and faster.
Oracle Cloud Risk Management is a software-as-a-service (SaaS) offering, like Oracle Cloud ERP. Because it’s SaaS, there is zero deployment, installation of software, or integration setup required. Since Oracle Risk Management comes with pre-built controls for both access and transaction governance, the deployment time is considerably lower than other solutions. As Oracle Cloud Risk Management doesn’t need any programming, it has flexible integration with Oracle Analytics and transactional business intelligence to generate beautiful dashboards and reports.
As this native app is designed and built by Oracle, it adheres to Oracle's best practices and security policies. Therefore, the trust that is placed in a business-critical application (like Oracle Cloud ERP) can also be placed in the risk management application.
In conclusion, if a company uses Oracle Cloud for any of its core applications (ERP, SCM, HCM), the good news is that there is an integrated and native IRM solution available. Oracle Cloud Risk Management is built within the business-critical Oracle Cloud ERP application and is the Oracle Cloud native application of choice.