#oow16 - implement the best practice for oracle financial reporting compliance cloud

Copyright © 2016, Oracle and/or its affiliates. All rights reserved.

Implement the

Best Practice for Oracle

Financial Reporting Compliance Cloud OpenWorld 2016


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


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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.

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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


Agenda

Panelist Introductions

Oracle’s Best Practice Process & Solution

Panelist Q&A

More Resources

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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

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Agenda



Panelist Q&A

More Resources

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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

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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

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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

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Financial Reporting Compliance Best Practice Process

Document Risks & Controls

Assess Control Effectiveness

Address Issues

Publish Certification

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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

https://mosemp.us.oracle.com/epmos/main/downloadattachmentprocessor?parent=DOCUMENT&sourceId=2120557.1&attachid=2120557.1:BEST_PRACTICES&clickstream=no


Document Risks and Controls

• I document financial reporting risks, and related controls and test plans

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Chris Owner


Identify and Document Risks

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Risk library


Document Risk

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Risk details


Relate Control to Risk

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Document Control

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Document Control Create Test Plan

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Review and Approve Risks and Controls

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Alan Approver

• Whenever risks or controls appear in my worklist, I review them


Review Financial Reporting Controls Select Task from Worklist

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Review Financial Reporting Controls Review Control

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Initiate Assessments

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Chris Owner

• Next, I plan and initiate control assessments


Ensure Consistent Assessment Process Create Assessment Template

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Quarterly Control Certification and Audit Test Template

Quarterly Control Certification and Audit Test Template

Select Assessment/ Test Activities for the controls to be tested


Ensure Consistent Assessment Process Create Assessment Plan

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Quarterly Control Certification and Audit Test Plan

Quarterly Control Certification and Audit Test Plan

Filter controls to be assessed using selection criteria


Q4 Control Certification

Complete Control Certification Tests

Quarterly Control Certifica

Kick Off an Assessment Cycle Initiate Assessments – Confirm Plan and Scope

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Assessment Definition

Generate list of controls to be assessed using selection criteria

Q4 Control Certification


Assessment Management Initiate an Assessment – Review Participants (Assessors, Reviewers, Approvers)

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Evaluate and Test Control Effectiveness

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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


Assessment Management Complete Task from Worklist

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Assessment Management Complete Assessment

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Collect control test plan results.


Assessment Management Record Assessment Results and Create Issue

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Create an Issue for a Control

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Address Issues

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Chris Owner

I address issues identified during the assessment cycle


Review and Address Issue

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Review Results

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Alan Approver

• I review the assessment results and certify the controls


Review Assessment Progress and Results

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Run Reports on Assessments

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Review Assessments Results

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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

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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

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Admin

Reviewer

Risk & Control Owner

Assessor


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

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Agenda



Panelist Q&A Swarnali Bag Oracle Consulting

Lakshmi Rajamohan Oracle Product Development

More Resources

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Agenda



Panelist Q&A

More Resources

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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.

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For subscribers and partners

To Learn More about Best Practices

Modern Best Practice Oracle University Go-To Partners

Get Started Customer Connect

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Success Managers

https://www.oracle.com/cloud/customer-success-managers.html

http://modernbestpractice.com/

http://education.oracle.com/pls/web_prod-plq-dad/db_pages.getpage?page_id=225


https://support.oracle.com/cloud/faces/DocumentDisplay?_afrLoop=299159892333731&_afrWindowMode=0&id=2120557.1&_adf.ctrl-state=12knj1gdd6_4

https://appsconnect.oracle.com/resources/081926cc0a/summary



To Learn More about Risk Management Cloud

Cloud Portal Release Readiness User Documentation

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https://cloud.oracle.com/risk-management-cloud

https://cloud.oracle.com/en_US/saasreadiness/erp?readinessRID=1445273094171

http://docs.oracle.com/cloud/latest/riskcs_gs/docs.htm


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

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