Financial Reporting Compliance is, in effect, a module of Risk Management. Its objects include Risk, Control (along with a test plan, test instruction and test step), and Process (along with action item).
Financial Reporting Compliance consolidates the documentation of your business practices to satisfy financial reporting regulations. This Enterprise-scope solution enables you to:
- Define and interrelate processes, risk, controls, assessments and issues.
- Automate periodic reviews, approvals, test and follow through.
- Secure what users see and do.
- Let stakeholders get the information they need to make the best decisions.
- Lower cost by implementing efficient, repeatable, and reliable day-to-day usage and administration.
The Financial Reporting Compliance module includes three object types: Process, Risk and Control
- Process is the parent of Risk. As you create or edit a process, you can relate it to risks that may affect it, or create related risks.
- Risk is the parent of Control, as you create or edit a risk, you can relate it to controls meant to address it.
- Controls may work together to address a given risk, and if so, other configurations values may apply to them.
Financial Reporting Compliance maintains a risk-control matrix:
Every business process is subject to risks, and a company enacts controls to minimize those risks.
A risk-control matrix is an organized record of all the material risks that may affect each process and all the controls created to address those risks.
Predefined Job Roles for Financial Reporting Compliance:
- Enterprise Risk and Control Manager
- Compliance Manager
Best Practice Financial Reporting Compliance
The Best Practice Solution is a prescriptive set of steps for deploying key elements of Financial Reporting Compliance with maximum Speed and efficiency, and with minimum cost and upkeep.
Best Practice Solution Steps
- Gather Configuration Data
- Retrieve existing risk and control definitions from spreadsheets, email-records, file-sharing system, and any other Repositories.
- Collect related data, such as documentation needed to support risks and controls.
- Consider who is to work with risks and controls and the roles they are to fill.
- Prepare and Import Data
- Use the data migration utility to import this data into Financial Reporting Compliance
- Configure Roles and Users
- Use Oracle Identity Manager and Authorization Policy Manager to define risk management roles and assign them to users. You can create job roles from predefined duty roles.
Optionally, use Risk Management workflow to route risks and controls to reviewers and approvers
Regularly assess risk and controls to ensure their continued viability.
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