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Glimpse the Future of EPM and GRC Convergence
As both internal and regulatory pressures grow in the wake of the recent financial crisis, businesses need to tighten integration of financial reporting; EPM; and governance, risk, and compliance (GRC).
In its “2009 EPM Market Outlook: Five Predictions That Will Shape Its Future,” AMR Research predicts that risk management will be “part of every EPM discussion” by the end of 2009.
“Historically, the market has viewed EPM and GRC as separate solutions,” says John O’Rourke, vice president of product marketing, Oracle EPM, “but these two worlds are coming together.”
Why? Because today’s financial officers need increased confidence in their earnings reports and projections to adhere to regulations and to better manage company performance.
This, in turn, requires confidence in governance and compliance systems—and a deeper understanding of the kinds of governance and compliance risks their companies face.
Integrating Oracle Hyperion Performance Management and Oracle GRC
Oracle has already begun the processes of integrating EPM and GRC. For example, financial managers can now view financial statement balances and corresponding internal control information side by side.
“Essentially, we map the Oracle Hyperion Financial Management accounts to accounts in GRC Manager,” explains O’Rourke. “Using the account balance information from Hyperion Financial Management, we enable users to scope their testing and remediation efforts on high-risk accounts.”
Both the financial statement information and the status of control activities are highlighted in a single dashboard. And automated controls continuously monitor high-risk accounts and the business transactions that consolidate into these significant accounts.
“As a leader in both EPM and GRC, Oracle is in a unique position to lead the market in this convergence,” says O’Rourke. “And we’re making it happen by offering out-of-the box dashboards that integrate consolidated financial statements with controls status.”
Find out more about the convergence of Oracle EPM and Oracle GRC.
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