Risk Management is a great tool for Auditors to address risks in the Organization. Risk, in this context, is an adverse material or financial impact to the organization. The Risk Management Module is composed of two divisions: Financial Reporting Compliance and Advanced Controls Management.
Financial Reporting Compliance is the part that Documents all the Business Processes, while Advanced Controls Management is used to test Financial Transactions (specifically Payables and Expense Reports), Segregation of Duties and User Security.
Advanced Controls Management is further broken down into two: Advanced Financial Controls and Advanced Access Controls.
Goals of Risk Management
- Update/Maintain Documentation for Business Processes and Adverse Impact
- Evaluate/Review Risks to Business Processes
- Resolve Issues
- Distribute/Print Results
To work with a risk is to:
Risk Management Cycle
- Name the risk
- Describe the risk
- Relate the risk to the controls meant to minimize it
Risk Management Cycle
- Add risks and controls to the object library
- Review and approve risks and controls
- Create Assessment templates and plans and initiate assessments
- Assess Objects
- Create and Address Issues identified during assessments
- Re-assess Risks and Controls
- Review assessment result Reports
Application
|
Job Role Name
|
Financial Reporting Compliance
|
Enterprise Risk and Control Manager
|
Financial Reporting Compliance
|
Compliance Manager
|
Advanced Financial Controls
|
Application Control Manager
|
Advanced Access Controls
|
Application Access Manager
|
Important Duty Roles in Risk Management
- Enterprise Risk & Control Manager
- Compliance Manager
How does Financial Reporting Compliance and Advanced Controls Management work together?
Financial Reporting Compliance and Advanced Controls Management both use Control as the way to identify the Risks in the Enterprise.
Scheduled Jobs in Risk Management
Three predefined processes run the first time you start Risk Management:
- User and Role Security Synchronization
- Worklist Security Synchronization
- Report Synchronization
Some common terminologies for Risk Management:
- Object is the generic term for any of the components one may include in a module. Objects are independent of other objects in other modules.
- A Module is a set of objects that relate to one another in a way that defines governance, risk and compliance environment.
- Process is the focus of governance, risk, and compliance efforts, representing business processes for which users identify risks and create controls to alleviate those risks.
- Financial Reporting Compliance
- Process Object
- Risk Object - A risk defines circumstances that may adversely affect a business process.
- Control Object - A control defines measures to address a risk.
- Test Plan - For each control, you can create test plans. Test plans document steps to be followed in determining whether the control is effective.
- Issue - An issue is a defect or deficiency detected for a risk or control, or an activity connected with one of these objects, such as an assessment.
- Remediation Plan
- Assessment - An Assessment is the review of a risk or control to ensure that it is defined correctly and remains effective over time.
- Survey is a set of questions that may be associated with assessments or distributed independently of assessments
- Advanced Control Management
- Model
- Control
- Incident
For more full-detailed Tutorials and Tips, check out #TheOracleProdigy at https://lifeofanoracleprodigy.blogspot.com/
Follow The Oracle Prodigy on Facebook (https://www.facebook.com/theOracleProdigy/) and Twitter (https://twitter.com/D_OracleProdigy)
Thanks for Sharing a very Interesting Information about ERP . if any one want to Learn ERP So you can Contact here-https://www.powermindtech.com/
ReplyDeleteHere are Some Best ERP Training Center
Sap training institute in Gurgaon
Sap training Course in Gurgaon
Really its great article. Keep it up
ReplyDeleteARCS Online Training
Thanks for sharing such information about Risk Management.Cyber Radar University provide online Compliance and Risk Management Course.
ReplyDeletehttps://bit.ly/3q8QHOv
SAP Basis online training
ReplyDeleteSAP mm online training
oracle adf training course
oracle rac online training
office 365 online training
business analyst online training
business analyst online training
That's an incredibly useful post. Thanks alot for your afforts. I would be glad If you get time to read my article. Thanks in advance
ReplyDeleteEPBCS Online Training
very nice information thanks for sharing. Risk management is vast field and have many thins to learning I am also learning from distance learning center I am ding my PGDM in risk management.
ReplyDeleteGreat article! Thanks for sharing this blog informative. Risk Management Services.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteGreat Article for this topic. I saw that The Oracle Prodigy has a wide vision in his ERP Cloud. I am also in this field. I hope you might see our content which maybe inspires you. So, if you are interested in find something new. Please check the Oracle ERP Cloud Migration
ReplyDeletethanks for sharing this information. digital transformation services ,oracle ERP
ReplyDelete