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Managing Risk Within Oracle Cloud

Anthony Cambria

Nov 20 2023

3 min read

Internal audit controls requirements are constantly evolving at a rapid pace. The reality today is that many companies have not automated their controls monitoring and still depend on many manual reviews and labor-intensive offline activities. These tasks tend to be disconnected, inefficient, and costly. For organizations to operate effectively in today’s fast-paced world and address more meaningful issues, they need to have a way to identify and manage risks quickly while delivering practical audit results efficiently. Oracle Risk Management Cloud (RMC) provides an automated way to manage risks effectively, prevent audit findings, and meet compliance mandates.

What is Oracle Risk Management Cloud?

Oracle Risk Management Cloud is a product within Oracle Fusion Cloud ERP, which automates analysis, monitoring and control of ERP security, configurations, and transactions. It uses modern data science and AI techniques to help design secure roles, resolve SoD conflicts, monitor sensitive configurations, and detect suspicious transactions to protect against payment fraud and error.

Oracle Risk Management Cloud consists of three main areas:

Financial Reporting Compliance: Digitize SOX and internal audit through streamlined internal assessments, risk analysis, evaluations, and compliance. Share real-time dashboards with stakeholders.
Advanced Financial Controls: Automated monitoring of financial transactions, detect suspicious activity with best practice controls, eliminate exposure and loss of sensitive data, and monitor audit trail of changes to critical configurations and master data. Automated workflow eliminates manual compliance tasks that rely on spreadsheets and ensures owners get notified when a configuration change occurs so you can act as soon as possible.
Advanced Access Controls: Ensure segregation of duties, continuously monitor user security, and certify user access to sensitive data and privileges. Organizations can minimize access risk by ensuring any new user granted access is reviewed and certified. Flexibility to configure or tailor prebuilt SoD rules with an easy-to-use visual workbench.

Oracle Risk Management Cloud Benefits and Key Features

Fully Integrated Solution

Embedded risk and controls within Oracle across multiple Modules. Shares the same user interface, platform, upgrade cadence, and security structure as Oracle Cloud ERP.

Promotes Rapid Implementation

Within hours, customers can rapidly deploy best practice, controls with prebuilt algorithms, for continuous monitoring of targeted high-risk areas. Accelerate ERP security configuration by using visualization SoD analysis by leveraging library of 100+ SoD rules with configurable reports and dashboards.

Reduce Cost

Minimize ongoing costs by automating controls and implementing efficient, repeatable, and reliable day-to-day usage and administration. Organizations will spend less on audit fees as well as significantly reducing labor costs. Streamline workflow by eliminating time consuming manual tasks and reducing time spent on lower value compliance tasks.

Dashboards

Review the latest high priority access and transaction incidents with embedded dashboards. Share real time dashboards with all stakeholders and offer restricted access to external auditors.

Conclusion

Oracle Risk Management Cloud will prepare and strengthen organizations with audit transparency and proactively identify, assess, and mitigate risks. This will ensure that your ERP applications are continuously following industry best practices with processes and controls that are secure and audit ready.

Next Steps

Please contact one of our Oracle experts at any time to learn more about the benefits of Oracle Risk Management Cloud.

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

About the Author

Anthony Cambria

Anthony Cambria is a Senior Manager at Sikich in the Oracle Cloud Technology practice. Anthony has more than 15 years of proven experience as a trusted advisor and implementer providing Oracle services. He has helped clients with their ERP transformations in various industries including healthcare, government, utilities, and financial services.