Oracle Governance, Risk, and Compliance Applications Suite 8.6, introduced in March 2011, offers an integrated and complete approach to managing risk, coordinating compliance tasks, and automating business controls—within a single solution. The new release of the suite makes it much simpler to quickly roll out multiple governance, risk, and compliance (GRC) initiatives across different departments, allowing organizations to rapidly respond to challenges in a timely and cost-effective manner by incorporating business risk information and continuously monitoring critical processes across multiple lines of business.
“Some of our competitors focus just on documentation and process automation, and others on detecting fraud and errors, but there’s no one that is looking at it as an integrated problem the way Oracle is,” says Siddharth Sinha, senior director of GRC product management at Oracle.
The latest release of Oracle Governance, Risk, and Compliance Applications Suite provides a graphical, template-based approach to allow users to tailor the GRC solution to meet their specific business needs and priorities across various industries, regulations, and geographies. This release includes new features to quickly migrate Microsoft Excel–based solutions and author user-driven extensions. It also provides embedded reporting while maintaining fine-grained security across large numbers of users.
“Oracle Governance, Risk, and Compliance Applications Suite 8.6 is a lot smarter, not just in coordinating risk and compliance activities, but in the underlying engine, which is finely tuned to detect fraud and errors—like erroneous payments to suppliers—in ways that can directly impact the bottom line. It’s easy for business users to articulate fairly complex business controls with a high degree of precision in an easy-to-use graphical manner,” says Sinha. “This dramatically reduces false positives and frees up time for business users to focus on the most critical issues.”
The latest release also includes the ability to manage exceptions detected by the application. By providing a systematic way to triage exceptions, the product makes it possible to route issues to the right experts within an organization for proper corrective action. Furthermore, the extensibility framework of Oracle Governance, Risk, and Compliance Suite 8.6 enables companies to tap into multiple Oracle and third-party business applications at the same time.
“We’ve focused on helping companies achieve their performance goals by making it simple to incorporate risk intelligence and continuously monitor business controls in their existing IT environment,” Sinha says. “Oracle Governance, Risk, and Compliance Applications Suite 8.6 includes significant enhancements that help companies quickly deploy targeted, role-based GRC solutions driven by the needs of the business user community within a unified GRC application.”