Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Implement the
Best Practice for Oracle
Financial Reporting Compliance Cloud OpenWorld 2016
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Implement the
Best Practice for Oracle
Financial Reporting Compliance Cloud
Learn about Oracle’s Best Practice Process & Solution
Automates and streamlines internal controls processes
Prescribes steps to configure and use Financial Reporting Compliance
Offers fastest implementation, minimum risk and effort, maximum return on investment
Learn more best practices from Oracle experts
Get answers to your questions in live Q&A
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Safe Harbor Statement
The following is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, and timing of any features or functionality described for Oracle’s products remains at the sole discretion of Oracle.
3
Arturo Martínez del
Campo Saucedo
Corporate Chief Financial Officer
Grupo Posadas S.A.B. de C.V. .
LEADERSHIP IN FINANCE
LATIN AMERICA - CLOUD
2016
Best Practice Adopter
First Adopter of Risk Cloud
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Agenda
Panelist Introductions
Oracle’s Best Practice Process & Solution
Panelist Q&A
More Resources
1
2
3
4
5
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Session Speakers
Panelists:
– Swarnali Bag Managing Practice Lead Oracle Consulting USA
– Lakshmi Rajamohan Principal Product Strategy Manager Oracle Product Development
Moderator:
– Barry Greenhut Director, Product Strategy Oracle Product Development
6
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Agenda
Panelist Introductions
Oracle’s Best Practice Process & Solution
Panelist Q&A
More Resources
1
2
3
4
10
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Financial Reporting Compliance
• Risk Management Cloud service that
– Streamlines internal controls processes
– Automates labor-intensive tasks required to complete external certifications for SOX and similar mandates
11
Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. |
Financial Reporting Compliance Cloud Service Streamline Internal Controls Processes
Complete Assessments
Remediate & Certify Controls
Document Risks & Controls Matrix
Define & Review Audit Test Plans
Enforce Manual Controls
12
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Financial Reporting Compliance Best Practice Process
• Business process that enables automation of financial reporting compliance activities designed to:
• Identify your business risks, and manage controls necessary to mitigate these risks • Meet needs shared by all Oracle Financials Cloud subscribers • Based on our experiences with customers over the past decade and
collaborations with audit and compliance experts
• Benefits • Fastest implementation and go-live • Maximum ROI • Minimum project risk and effort • Minimum ongoing cost of operation
13
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Financial Reporting Compliance Best Practice Process
Document Risks & Controls
Assess Control Effectiveness
Address Issues
Publish Certification
14
Keep risk-control matrix up to date and complete
Perform assessments periodically and on demand
View effectiveness documentation in real-time
Keep control designs and assessment plans up to
date
Review and remediate issues identified by
assessments
Reassess to verify effectiveness
Report assessment results to managers, auditors, etc.
All subscribers start by automating this process
Review Best Practice for Financial Reporting Compliance for details
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Document Risks and Controls
• I document financial reporting risks, and related controls and test plans
15
Chris Owner
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Identify and Document Risks
16
Risk library
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Document Risk
17
Risk details
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Relate Control to Risk
18
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Document Control
19
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Document Control Create Test Plan
20
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Review and Approve Risks and Controls
21
Alan Approver
• Whenever risks or controls appear in my worklist, I review them
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Review Financial Reporting Controls Select Task from Worklist
22
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Review Financial Reporting Controls Review Control
23
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Initiate Assessments
24
Chris Owner
• Next, I plan and initiate control assessments
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Ensure Consistent Assessment Process Create Assessment Template
25
Quarterly Control Certification and Audit Test Template
Quarterly Control Certification and Audit Test Template
Select Assessment/ Test Activities for the controls to be tested
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Ensure Consistent Assessment Process Create Assessment Plan
26
Quarterly Control Certification and Audit Test Plan
Quarterly Control Certification and Audit Test Plan
Filter controls to be assessed using selection criteria
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Q4 Control Certification
Complete Control Certification Tests
Quarterly Control Certifica
Kick Off an Assessment Cycle Initiate Assessments – Confirm Plan and Scope
27
Assessment Definition
Generate list of controls to be assessed using selection criteria
Q4 Control Certification
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Assessment Management Initiate an Assessment – Review Participants (Assessors, Reviewers, Approvers)
28
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Evaluate and Test Control Effectiveness
29
Diane Assessor
• Whenever I have an assessment to complete in my worklist, I assess the documented controls based on Chris’ test plans to ensure their effectiveness and correctness
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Assessment Management Complete Task from Worklist
30
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Assessment Management Complete Assessment
31
Collect control test plan results.
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Assessment Management Record Assessment Results and Create Issue
32
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Create an Issue for a Control
33
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Address Issues
34
Chris Owner
I address issues identified during the assessment cycle
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Review and Address Issue
35
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Review Results
36
Alan Approver
• I review the assessment results and certify the controls
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Review Assessment Progress and Results
37
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Run Reports on Assessments
38
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Review Assessments Results
39
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Best Practice Solution
• Step-by-step guide to automating labor-intensive portions of the Best Practice Process
• Prescribes steps to implement, configure and use Financial Reporting Compliance Cloud
• Basis of Oracle University and partner training courses
40
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Best Practice Solution Outline
1. Gather configuration
data
2. Perform Initial Setup and
Configuration
3. Prepare and Import data
4. Configure FRC roles and users
5. Add risks/controls to
the object library.
6. Review/Approve risks and controls
7. Creates assessment
templates and plans. Initiates assessments
8. Assess controls
9. Create and address issues
identified during assessment.
10. Reassess controls
11. Review assessment result
reports
41
Admin
Reviewer
Risk & Control Owner
Assessor
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Recap: Financial Reporting Compliance Best Practice Process & Solution Best Practice Process
– Goal:
• Automate and streamline internal control processes
– Method:
• Use Financial Reporting Compliance to document risks and controls, manage assessments, and generate certification documentation
– Context:
• Needed by Financials Cloud subscribers
• Foundation for advanced control activities
Best Practice Solution
– Prescribes steps to configure and use Financial Reporting Compliance
– Basis of Oracle University and partner training courses
Benefits
– Fastest implementation and go-live
– Maximum ROI
– Minimum project risk and effort
– Minimum ongoing cost of operation
42
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Agenda
Panelist Introductions
Oracle’s Best Practice Process & Solution
Panelist Q&A Swarnali Bag Oracle Consulting
Lakshmi Rajamohan Oracle Product Development
More Resources
1
2
3
4
43
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Agenda
Panelist Introductions
Oracle’s Best Practice Process & Solution
Panelist Q&A
More Resources
1
2
3
4
44
Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. |
Thursday PANEL SESSION Sep 22, 9:30 AM – 10:15 AM| Moscone West 3005
Implement the Best Practice for Oracle Fusion Advanced Financial Controls Cloud Service [CAS7286]
Swarnali Bag, Governance, Risk & Compliance Practice Lead, Oracle Barry Greenhut, Director, Product Strategy, Oracle Christine Doxey, President, Doxey, Inc. Lakshmi Rajamohan, Principal Product Strategy Manager, Oracle Mark Stebelton, Director, Product Management, Oracle This session provides a detailed walkthrough of Oracle Fusion Financial Controls Cloud Service from an end user’s perspective, and highlights how the product can be configured to automate best practice controls. Oracle Fusion Advanced Financial Controls Cloud Service is designed to meet the common needs of Oracle Financials Cloud subscribers. Based on learning from a decade of customer experience, this session showcases Oracle’s best practice business process for maximum ROI with minimum cost of ongoing operation.
PANEL SESSION Sep 22, 12:00 PM – 12:45 PM | Moscone West 3005
Get Started with Financial Reporting Compliance and Advanced Financial Controls [CON7284]
Barry Greenhut, Director, Product Strategy, Oracle Lakshmi Rajamohan, Principal Product Strategy Manager, Oracle Joel Alvarado, Customer Success Manager, Oracle This session provides you with the most effective project plan to implement Oracle Financial Reporting Compliance or Oracle Fusion Advanced Financial Controls Cloud Service. Participants will learn the shortest and most cost-effective path to success using Oracle’s customer and partner-tested “get started” process. Learn how to plan and adopt these cloud services, and then sustain your use through growth and change. Learn how to get the experience and expertise needed to succeed.
45
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
For subscribers and partners
To Learn More about Best Practices
Modern Best Practice Oracle University Go-To Partners
Get Started Customer Connect
46
Success Managers
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
To Learn More about Risk Management Cloud
Cloud Portal Release Readiness User Documentation
47
Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. |
Go-To Partners
Success requires experience and expertise
– get both from our Go-To Partners:
• Guide process owners & participants
through adoption of Best Practice Processes
• Configure software for effective long-term
success: Minimum cost of operation,
Maximum flexibility to adapt to change
To learn more and get connected, contact
your Oracle Success Manager
48
Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. | 49 49
Join our LinkedIn Group For the latest Updates and Presentations .
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Oracle Consulting – Risk Management Capabilities
51
Delivering early adopter project for Risk Management application
Risk Management offerings to get you started quickly
One Team – Close ties to Product Development
Leverage Cloud Methods and Tools to reduce time to value
Focused training to risk management consultants
Dedicated Risk Management practice, business and application knowledge
Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Oracle Consulting - Unmatched Cloud Experience
52
Delivering 45+ projects to ERP Cloud customers
Migrate to the Cloud with our deep experience and reusable assets
3-tiered delivery model: Centers of Excellence, offshore and onsite
Engineering our delivery = 18% cost reduction for customers
325+ consultants with unmatched skills in all Oracle Cloud Solutions
Dedicated teams delivering 27,500+ days on ERP Cloud projects
Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Oracle Confidential – Internal/Restricted/Highly Restricted 53
Oracle Confidential – Internal/Restricted/Highly Restricted54