Oracle Unites its Financial Reporting Compliance Cloud Service with ERP Cloud

By CIOReview | Tuesday, October 27, 2015

REDWOOD SHORES, CA: The accountability of enterprises depends heavily on their skill in digitizing risk management and compliance activities. Manual spreadsheet-driven tasks may not easily meet compliance requirements always. Oracle resolves the problem by automating compliance tasks with its Financial Reporting Compliance Cloud Service; which offers reliable and responsive insights.

Two salient business practices — Documentation and Assessment are consolidated here to satisfy financial reporting regulations like Sarbanes-Oxley (SOX) and others. Oracle’s new Service blends with Oracle ERP Cloud, which takes care of labor-intensive tasks and protects sensitive data; all the while eliminating the use of unsecured spreadsheets, emails and documents.

The cloud service identifies the reporting risks across the enterprise; responds with thorough assessment and testing of the risks, while simultaneously strengthening financial reporting controls. Operational effectiveness can now be determined accurately by documenting the work performed and cross-checking the manual controls enforced. Audit results and control failures are also reviewed and resolved so that the financial reports and controls can be certified.

Uniting Financial Reporting Compliance Cloud Service and ERP Cloud- a smart move; improves the efficiency of control procedures throughout the financial processes. It offers immediate benefits like reduced IT implementation costs, faster implementation and cost-effective processing to finance control owners, compliance, audit and IT staff.