Revision History

This document will continue to evolve as existing sections change and new information is added. All updates are logged below, with the most recent updates at the top.

Date	What's Changed	Notes
25 JUL 2016	Oracle Fusion Financial Reporting Compliance Cloud: WebCenter Content Configuration	Added revised feature information delivered in Update 8 (August).
25 JUL 2016	Oracle Fusion Financial Reporting Compliance Cloud: Import Template Download	Added new feature information delivered in Update 8 (August).
15 DEC 2015		Initial Document Creation

Oracle Risk Management Cloud

Oracle Risk Management Cloud offers Financial Reporting Compliance, which documents your policies for identifying and resolving risk in your financial processes.

Oracle Financial Reporting Compliance Cloud

Oracle Fusion Financial Reporting Compliance Cloud Service consolidates the process of documenting and assessing your business practices to satisfy financial reporting regulations, such as Sarbanes-Oxley and equivalent laws around the world and in the public sector. You can:

• Identify and assess financial reporting risk enterprise-wide.
• Respond to risks by selecting, assessing, testing, and strengthening financial reporting controls.
• Determine control and operational effectiveness accurately and comprehensively.
• Review and remediate issues for both control failures and audit findings.
• Certify controls and financial reports.

Business Process Definition

Define business processes, so that you can track risks that may affect them (as well as controls that mitigate the risks).

Risk Definition and Analysis

Document your organization's risks, and map them to the business processes they impact. Perform model-based evaluation to determine whether to accept, monitor, or treat each risk. Execute model-based analysis to determine the threat level of each risk both before and after controls or treatment plans are in place to address it.

Control Definition

Document your organization’s control infrastructure, and relate controls to the risks they address. For any given control, create a test plan. It documents steps assessors can follow to determine whether the control is effective, or whether additional treatment is required.

Assessment Activities

Enable business stakeholders, internal and external auditors, and other users to assess processes, risks, and controls. Periodic assessments ensure that these objects are defined and implemented correctly when they are created, and that they remain valid as time passes. Assessments may be batch or ad hoc, and they may incorporate tools such as surveys and test plans.

Supporting Activities

Use several tools to support routine maintenance and reporting:

• Perspectives. A perspective is a set of related, hierarchically organized values. Users assign individual perspective values to individual processes, risks, or controls, establishing a context in which these objects exist. Perspectives can serve as filtering values in reports or in the pages in which users manage objects, but they also play an important role in securing Financial Reporting Compliance.
• Issues. An issue is a transactional record of an action to be taken regarding a process, risk, or control.
• Surveys. A survey is a set of questions that may be associated with assessments or distributed independently of assessments. It enables a group of people to provide feedback on a specific subject, which may indicate a need for additional actions.
• Reports. Seeded reports enable you to extract application data for analysis and distribution.

Setup and Administration

The following topics reflect changes to the Setup and Administration area of the Risk Management Cloud.

• Content Management. WebCenter Content enables you to work with files related to Risk Management Cloud. It manages import and export files created by a Data Migration utility, as well as files attached to individual objects. You configure a connection to WebCenter Content in a Content Management page, which has changed. A specific user, password, and port are no longer required.
• Data Migration. You may use a Data Migration utility to import process, risk, control, and related data into Risk Management Cloud. To do so, you would first create and download an import template. Formerly, you were required to download this template directly from WebCenter Content. You can now download the template from a record of the Generate Import Template job in a Monitor Jobs page in Risk Management Tools.