Oracle compliance, formed in the year 2004, is a result of the rising trend and demand for Corporate Governance principles. Risk analysis is a high priority for business organizations. In the increasingly digital world, companies are looking forward to digitizing their risk and compliance activities in order to have higher accountability, good management, resources and costs in check, and data evaluation. The intent of switching to digital medium is based on the issues faced during the manual and labour-intensive nature of financial reporting compliance.
Companies prefer to use spreadsheets and emails to manage risk compliance and analysis, which is a manual and time-consuming task. This is where Oracle Financial reporting compliance comes in, and it is designed to automate compliance tasks to provide reliable insight and remove compliance costs.
To ensure efficiency in an organization, management of oracle compliance is necessary. This management ensures that businesses adhere to the best practices regarding configuration, security, and storage. Compliance has two aspects. One is evaluating the target compliance, and the second is evaluating the policy group life-cycle management. Defining and customizing compliance requirements and standards is the way to achieve efficient compliance management.
Compliance management solutions give the businesses tools to assess their priorities for adherence to best business practices regarding configuration, security, and storage.
- Reduces Compliance Costs
Oracle Compliance significantly reduces the high costs of an organization. It does so by reducing laborious and intensive tasks and by eliminating the time needed to complete the non-core activities of the company.
- Optimizes Controls
With the increase in automation, companies are using the ERP cloud and Oracle optimizes the controls in the cloud by deploying Financial Reporting Compliance (FRC) simultaneously.
Oracle Financial Reporting Compliance increases the data security of an organization by ensuring that the insecure documents, spreadsheets, and emails are kept in check.
- Risk Management
Oracle enforces the controls, demonstrates the risks, and ensures that the emerging risks are mitigated thoroughly. When control fails during a testing procedure, it creates a route for resolution via the configurable workflow. The database administrators remediate the exceptions.
- Internal Controls
The Financial Reporting compliance strengthens internal controls through delegation. The control assessments are scheduled by the compliance to ensure complete coverage, and companies can use the platform to check whether the control tests are completed on time or not.
- Informative Reports
The automation tool lets users create infographic charts that allow the companies to extract application data for analysis and distribution. Financial reports are created based on the needs of business and roles.
Oracle financial reporting compliance is increasingly helping companies to manage self-assessment and independent testing of controls. Optimizing the business functions will help to certify internal controls with compliance, and through this tool, companies grant themselves exposure to auditors, and the compliance cloud fosters an environment of accountability to the management as they have complete visibility over audit trails and total control over the owners. It helps the businesses to make decisions after knowing the risks involved, and it provides an adequate, financial oversight.