Oracle Risk Management Cloud

Oracle Risk Management Cloud streamlines and automates governance, risk, and control (GRC) activities, including ESG governance and audits, enhancing organizational efficiency and reducing risk. Leveraging modern data science and AI techniques, it aids in designing secure roles, resolving segregation of duties (SoD) conflicts, monitoring sensitive configurations, and detecting suspicious transactions. This proactive approach helps protect against payment fraud and errors, ensuring robust security management within the organization.

Key Features:

  • Automation of risk and compliance processes
  • Secure role design to accelerate ERP implementation
  • Deep SoD analysis with visualization and simulation of conflicts
  • Continuous monitoring of all security, configurations, and transactions.
  • Library of pre-built controls and intuitive workbench to author custom controls
  • Streamline control assessments, certify compliance, and collaborate with auditors
  • Full visibility with graphical, role-based dashboards

How Oracle Risk Management can help you in your ESG journey?

  • Risk Analysis & Evaluation: This feature enables automated risk analysis using likelihood and impact scoring. This enables organizations to quickly identify where the greatest risk lies in the business and where they may want to focus their GRC efforts, including around ESG risks.
  • Control Assessment & Testing: Internal control assessment functionality determines if internal controls are operating as intended. This feature helps automate internal control assessment activities to evaluate compliance with internal ESG policies and procedures. Test results can be routed for review using workflow.
  • Issue and Remediation Tracking: This feature enables organizations to assign issues owner related to compliance issues and track until remediation using workflow. Users can identify, manage, and remediate ESG compliance issues using a simple workflow right in the same application the business is run on (Oracle Cloud ERP).
  • Advanced Audit: This feature allows organizations to proactively monitor for critical changes to ESG-related data in Oracle Cloud ERP. Changes to ERP data such as utility usage, supplier ESG scores, and more can be automatically identified using advanced audit and routed for review all right in Oracle Cloud ERP.

Typical Use Cases of Oracle Risk Management Cloud:

Service Lines :

1) Continuous Monitoring of User Access

  • Enforce separation of duties and ensure process and data integrity by monitoring user access across the procure-to-pay lifecycle and analyzing all user activities, including invoices, purchase orders, payments, and more
  • Analyse approved credit limits, customer orders, and receipts to ensure accurate order-to-cash data and maintain separation of duties for critical business processes
  • Monitor record-to-report processes, such as sub-ledger transactions, manual journal entries, and period close adjustments, to ensure process integrity and effective SoD requirements

         We help and assist in :

  • Advisory on best practice SoD Controls by reviewing existing business processes and process flows
  • End-to-end implementation of Oracle's out-of-the-box SoD controls
  • Build and Implement Custom Controls
  • Implement controls to monitor user access to sensitive work areas

2) Secure Role Design

          SoD Analysis :

  • Automate security analysis controls
  • Visualize access conflicts to identify the root cause of each violation
  • Group access privileges into functional entitlements to reduce complexity
  • Run complete scans of all access paths to analyze access privileges

         Advanced Role Design:

  • Monitor and remediate conflicts through compensating controls
  • Address intra-role conflicts to optimize role definitions
  • Evaluate the impact of remediation plans on existing business processes

         Sensitive Data Analysis :

  • Align existing controls to evolving industry best practices
  • Leverage pre-built controls to gain immediate value from workflows
  • Access a library of pre-built business objects to accelerate control authoring processes
  • Create new policies and access rules through graphical representations

         We help and assist in :

  • Deep SoD Analysis
  • 100% remediation of SoD, Sensitive access conflicts in seeded and custom roles  
  • Recommendation on role-redesign
  • Create custom roles
  • Create SoD and Security matrix
  • Advisory on the best practice security framework

3) Periodic Certification of User Access

Oracle Fusion Cloud Access Certifications enable your organization to perform reviews that determine whether roles are assigned appropriately to users. It can support periodic, organization-wide reviews such as quarterly audits, or more narrowly focused sensitive-access scenarios.

  • Gain complete visibility into the periodic certification process
  • Outline a certification based on a specific business process, role, or set of users
  • Query and assign entitlements to an approver to generate access certifications
  • Identify policy violations and take corrective action

          We help and assist in :

  • End-to-end implementation of Access Certification module
  • Post-Go-Live Support

4) Automate Access Provisioning  

Your current provisioning process might involve 4 manual steps: First, use the Security Console to assign Fusion roles to ERP users. Second, use the Manage Data Access for Users task in the Functional Setup Manager to set data security for the role assignments. Third, check for SoD and sensitive-access policy violations. Lastly, document business-owner approvals, for example via email.

But, with Advanced Access Request, any organization can establish a self-service workflow for requesting and assigning ERP roles. As steps in this workflow, access controls perform separation-of-duties and sensitive-access analysis, and a review-and-approval process takes place.

Flow diagram shows tasks involved in using Advanced Access Requests.

          We help and assist in :

  • End-to-end implementation of Advanced Access Request module
  • Post-Go-Live Support

5) Monitoring Financial Transactions

Oracle Risk Management provides a capability to continuously monitor ERP transactions. Business process auditors can detect high-risk scenarios like Duplicate Invoices, ghost employees’, etc. They can compose new algorithms using a visual workbench, and manage exceptions using a simple workflow

It allows organizations to implement compensating controls, to identify transactions where excess privileges may have been abused. Organizations can ensure that broad super-user privileges granted for emergencies are not abused and revoked on time.

  • Get immediate value by using pre-built controls
  • Upgrade your existing controls to industry best practices
  • Empower users to author new access rules and policies graphically
  • Accelerate the authoring of new controls graphically by leveraging a library of pre-built business objects

          We help and assist in :

  • Advisory on best practice transaction controls by reviewing existing business Processes and process flows
  • End-to-end implementation of Oracle's out-of-the-box transaction controls
  • Build and implement custom transaction monitoring controls
  • 100% remediation of the incidents generated from the implementation of transaction controls
  • Post-Go-Live Support

6) Monitoring/Auditing Change in Security Profiles & Master Data

Organizations can continuously monitor changes to ERP configurations, master data, data roles, and security profiles by leveraging a library of best-practice controls, across a range of business processes, to capture and audit a trail of changes.  

  • Monitor changes to sensitive ERP Configurations and Master Data
  • Monitor changes to data roles, profile options, and security profiles of HCM roles
  • Capture and audit trail of changes using a library of best-practice controls
  • Author controls using a visual workbench and a repository of business objects and attributes

          We help and assist in :

  • Advisory on best practice configuration controls by reviewing existing business processes, audit requirements, and current challenges
  • End-to-end implementation of Oracle's out-of-the-box configuration controls
  • Post-Go-Live Support

7) Digitize Internal Audit

Oracle Risk Management serves to maintain a centralized repository of all corporate policies and provides an end-to-end workflow solution to automate internal audit assessments, financial reporting certifications, and compliance with mandates such as SOX & GDPR.  

  • It provides an automated solution to complete Data Protection Impact Assessments, certify and monitor employee access to personal data, and respond to SAR requests on personal data access and use
  • Employees can also, report data breaches and other security incidents
  • Users can perform workflow-based risk analysis, and evaluations and implement treatment plans to mitigate risks
  • They can perform periodic or ad hoc control assessments, capture test results, and provide ready evidence for audits

         Key Benefits:  

  • Document Risk & Controls uniformly across the enterprise
  • Automate risk analysis and evaluations, using best practices
  • Reduce compliance costs by eliminating labour - intensive tasks
  • Improve security and collaboration by replacing unsecured spreadsheets, emails, and documents
  • Strengthen internal controls by delegating to process owners
  • Demonstrate controls are enforced, known risks are controlled, and emerging risks are identified and mitigated

          We help and assist in :

  • Create Risk and Controls Matrix.
  • Advisory and implementation of governance around Processes, Risks, and Controls.
  • End-to-end implementation of the Financial Reporting Compliance module.
  • Build customizable dashboards.
  • Post-Go-Live Support

8) Automated User Access Management

  • Custom roles: Access a library of predefined security rules to achieve compliance with process requirements before the initial Go-Live date, avoid user acceptance testing (UAT) and remediation delays, and reduce costs.
  • Sensitive access: Identify users granted access to sensitive data and determine whether their access will be certified, reported, or removed to protect the modern cloud environment.
  • Automated reviews: Ensure authorized access to sensitive data and processes and maintain critical audit requirements by automating user access review and certification workflows.
  • SoD checks: Utilize self-service user access requests to improve user productivity, route requests to business process owners for review, and monitor access requests to identify and address SoD violations proactively.

         We help and assist in :

  • Help organizations create sod-free custom roles to minimize ERP post-go-live user access risks
  • Implement best practice out-of-the-box and custom sensitive access controls
  • Implement the Advance Access Request module of Oracle Risk Management Cloud
  • Implement Access Certifications to periodically audit critical roles and privileges assigned to users
  • Perform deep SoD analysis on roles, privileges, and users and recommend best practices to remediate them
  • Build customizable dashboards for actionable insights
  • Post Go-Live Support

9) User Access Monitoring and Fraud Detection in Oracle Cloud HCM

Oracle Advanced HCM Controls (part of Oracle Cloud HCM) automates data analyses and exception workflows needed to satisfy data privacy regulations (e.g. GDPR), ends insider threats (e.g. payroll fraud), and addresses risks and compliance mandates.

Graph-based analyses continually monitor HCM security, configuration, and transactions. Enterprises can leverage a pre-built library of rule templates or build their own in a visual workbench. Auditors can rely on the results of this embedded security and compliance automation, which remains in sync with HCM changes whenever they happen.  

  • Strengthen fraud and security controls
  • Prevent fraudulent payments
  • Lower cost of compliance with controls
  • Provide separation of duties

          We help and assist in :

  • Help customers create data privacy (GDPR) and security analysis for all HCM users with Oracle’s out-of-the-box Advanced Human Capital Access controls implementation
  • Help in the detection of payroll and payment frauds for all HCM transactions with Advanced Human Capital Transaction controls implementation
  • Perform deep security analysis for HCM configuration & maintenance
  • Deploy pre-built and custom templates for core audit analyses
  • Help create custom controls as per business requirements
  • Create dashboards with analytics, alerts, and reporting
  • Post Go-Live Support

10) Monitor User Access Across ERP and EPM ARCS

Oracle Fusion customers can monitor users and roles with elevated accesses across EPM ARCS (Account Reconciliation Cloud Service) and ERP. This solution replaces spreadsheets, custom tools, and audit services to support ICFR :

  • Identifies users with superuser roles in EPM who can also perform transactions in ERP such as payables invoices, payments, journals, purchase orders, and create inventory transactions
  • The solution features 8 pre-built Access Controls (SoD & Superuser monitoring)
  • It provides the ability to build user-defined Access Controls using ARCS pre-defined and application roles, Fusion roles, and privileges

          We help and assist in :

  • Advisory on best practice SoD Controls by reviewing existing business processes and process flows
  • End-to-end implementation of Oracle's out-of-the-box SoD controls
  • Build and Implement Custom Controls
  • Implement controls to monitor user access to sensitive work areas
  • Post Go-Live Support

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