Oracle Fusion Financial Reporting Compliance Cloud Service
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 organizations 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 planned 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.
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