#OOW16 - Implement the Best Practice for Oracle Financial Reporting Compliance Cloud
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The document outlines a presentation on Oracle's best practices for implementing financial reporting compliance solutions, emphasizing automation and risk management for financial controls. It highlights key benefits such as fast implementation, low risk, and high ROI, and includes details on the structured process for automating internal controls. Additionally, there are insights into training resources and customer support to aid in successful implementation.
![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.
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#OOW16 - Implement the Best Practice for Oracle Financial Reporting Compliance Cloud
- 1. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Implement the Best Practice for Oracle Financial Reporting Compliance Cloud OpenWorld 2016
- 2. 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
- 3. 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
- 4. 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
- 5. 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
- 6. 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
- 7. 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
- 8. 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
- 9. 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
- 10. 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
- 11. 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
- 12. 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
- 13. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Identify and Document Risks 16 Risk library
- 14. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Document Risk 17 Risk details
- 15. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Relate Control to Risk 18
- 16. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Document Control 19
- 17. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Document Control Create Test Plan 20
- 18. 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
- 19. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Review Financial Reporting Controls Select Task from Worklist 22
- 20. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Review Financial Reporting Controls Review Control 23
- 21. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Initiate Assessments 24 Chris Owner • Next, I plan and initiate control assessments
- 22. 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
- 23. 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
- 24. 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
- 25. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Assessment Management Initiate an Assessment – Review Participants (Assessors, Reviewers, Approvers) 28
- 26. 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
- 27. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Assessment Management Complete Task from Worklist 30
- 28. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Assessment Management Complete Assessment 31 Collect control test plan results.
- 29. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Assessment Management Record Assessment Results and Create Issue 32
- 30. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Create an Issue for a Control 33
- 31. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Address Issues 34 Chris Owner I address issues identified during the assessment cycle
- 32. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Review and Address Issue 35
- 33. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Review Results 36 Alan Approver • I review the assessment results and certify the controls
- 34. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Review Assessment Progress and Results 37
- 35. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Run Reports on Assessments 38
- 36. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Review Assessments Results 39
- 37. 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
- 38. 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
- 39. 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
- 40. 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
- 41. 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
- 42. 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
- 43. 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
- 44. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. To Learn More about Risk Management Cloud Cloud Portal Release Readiness User Documentation 47
- 45. 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
- 46. Copyright © 2016, Oracle and/or its affiliates. All rights reserved.Copyright © 2016, Oracle and/or its affiliates. All rights reserved. | 4949 Join our LinkedIn Group For the latest Updates and Presentations .
- 47. 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
- 48. 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
- 49. Copyright © 2016, Oracle and/or its affiliates. All rights reserved. Oracle Confidential – Internal/Restricted/Highly Restricted 53
- 50. Oracle Confidential – Internal/Restricted/Highly Restricte54