Reporting in Financial Reporting Compliance

In Financial Reporting Compliance provides a set of predefined reports organized into five categories.

Assessment Reports

• Assessment Details Reports - displays information about assessment conducted against selected objects.
• Control Assessment Report - lists controls and their related assessment activities in PDF format
• Control Assessment Extract - lists controls and their related assessment activities in Excel Format

Control Reports

• Control Details Report

Issue Reports

• Issue Details Report - provides information about selected issues, including the object against which each issue is raised, issue status and state, users who created or updated and when they did so, and other values.
• Issue Details Extract - provides similar information for export to an application such as Excel.

Risk Report

• Risk Control Matrix Report - lists risks, controls and related information: perspectives and other values
• Risk Control Matrix Extract - lists risks, controls and related information for export to Excel Format

Administration Reports

• Change history Report
• Pending Worklist Items Report
• Related Objects report
• Worklist Item Requiring Reassignment

Activating Email Alerts

Setup e-mail messaging in Financial Reporting Compliance users when tasks require their attention.

1. select the Enable check box in the E-Mail Alerts region
2. Select the test connection button to view a message that connectivity with your email server is established.
3. Create an email alert schedule

Overview of Surveys in Risk Management Cloud

What is a Survey in Risk Management Cloud?

A Survey is a set of questions that may be associated with assessments or distributed independently of assessments.

You may link a survey to an assessment activity in an assessment plan. Survey questions concern the type of object (process, risk or control) and the activity specified in the plan. Answers to the questions help assessment participants form judgments about objects in assessments developed from the plan. Assessment participants are selected automatically on the basis of their job roles.

As you prepare a survey, you may start with any of the following components:

1. Choice Sets. A choice is a possible answer to a question, and a choice set is an assortment of answers a person may select from. You can associate a given choice set with any number of questions.
2. Questions. These may or may not require choice sets. Or you can select choices are you create questions and save them into choice sets.
3. Template. As you create a template, you can select existing questions for it, or create questions. Moreover, you can use an existing template to distribute a new survey or create a new template for a survey.

Survey question formats

Survey questions may take the following formats. For any format other than open text, you can associate a question with a choice set.

Control Management in Risk Management Cloud

What is a Control?
A control defines measures to address risks. It describes actions taken automatically in other systems or manually. For example:

• Ensure segregation of duties within payroll functions
• Review changes to master data, including change owner.

Relating Controls to a Risk

As you create risks, you can relate them to controls.

• The relationship indicates that a control mitigates the risk it is related to
• you can relate any number of controls to a risk, or a control to any number of risks.

A control requires only two values:

1. A Name, which should suggest what the control does to mitigate risk. You may choose to add a description that expands upon the name.
2. A Method. Either Manual or Automatic:

• Manual Indicates the control requires human action.
• Automatic indicates the control runs in a system external to Financial Reporting Compliance.

As you create a control, you can create a test plan for it. Completed as part of a control assessment, it test whether the control is effective in alleviating the related risks.