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 While the SarbanesOxley act of 2002 is arguably the major catalyst for ensuring that electronic transactions and data are handled in accordance with all relevant laws, regulations and internal policies, the number of financial reporting regulations worldwide - including those within the UK - are continuing to grow. The demand for UK public companies to be able to demonstrate the existence of adequate internal controls over all transactions of a financial nature is mounting. Additionally, the burden upon Legal Counsels and Chief Compliance Officers, to not only review, attest and report that all processes and procedures have been adhered to, has been increased by also requiring them to ensure that any risk to the organisation has been thoroughly mitigated.
The primary business issues are:
- Regulatory pressure
- Control compliance costs
- Financial integrity
- Electronic discovery
- Transparent compliance management
- Records retention
- Protecting brand reputation
From a financial perspective, Oracle's GRC solution portfolio enables companies to address these business concerns through robust accuracy of financial statements, flexibility to indicate changes or deficiencies in financial controls in periodic reports, provide auditor’s attestation to management's assessments, and report that timely evaluations on controls and procedures have been undertaken.
From a legal standpoint, Oracle's GRC solution allows for automation of continuous test, review, attestation and remediation processes, while reducing the burden of compliance by streamlining audits and documentation, and avoiding duplication caused by similarities in regulation. Interactive dashboards and reports also provide legal counsels and compliance executives with the confidence that compliance is being achieved.
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