Oracle Systems & Control for Financial Org.
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This document discusses risk management in role-based applications and segregation of duties issues in Oracle systems. It begins with an introduction to common procurement-to-pay (P2P) issues like duplicate vendors that can impact an organization's bottom line. The document then describes Oracle Advanced Controls as a solution that provides continuous monitoring of key controls to detect and prevent issues in real-time through exception-based dashboards. It provides an example use case of how these controls could help a financial organization manage vendor master data and regulatory compliance. The presentation concludes with a Q&A section.
Oracle Systems & Control for Financial Org.
- 1. 1 Risk Management in Role-based Applications Segregation of Duties in Oracle
- 2. Problem agenda Introduction P2P Issues that Impact the Bottom-Line Oracle Advanced Controls Solution Use Case: Financial Organization Systems Q & A
- 3. 3 Harish Sharma, Senior Consultant Over 7 years of experience in ERP Implementation, Security and GRC Design
- 4. Problem agenda Introduction P2P Issues that Impact the Bottom-Line Oracle Advanced Controls Solution Use Case: Financial Organization Systems Q & A
- 5. What Do We Mean by Control ‘Issues’ 5 The processes that ensure: Efficient and effective operations Reliable and accurate reporting Fraud resistant operation Internal External Regulatory compliant
- 6. Common Issues: Duplicate Vendors in Master Vendor File 6 Duplicate payments The invoice is submitted for entry twice Different options for receipt and payment of invoices, including outsourcing. Data entry errors Manual checks requests Correspondence issues Supplier is using a different site/location. Duplicate Name problem with Supplier conversion Internal control issue Controls Inappropriately configured Controls are not regularly overridden AP processors take shortcuts when creating vendor entries Misreading a number or letter (for example: 0 instead of O, or 5 instead of S). Transposing numbers (for example: 56 instead of 65) Mis-keying (or simply omitting) punctuation (such as hyphens and slashes) Omitting leading or trailing zeroes Segregation of duties concern Standardization and normalization are crucial Preventing creating new ones Identifying existing duplicate ones Rigid coding standards
- 7. Problem agenda Introduction P2P Issues that Impact the Bottom-Line Oracle Advanced Controls Solution Use Case: Financial Organization Systems Q & A
- 8. Advanced Controls 8 Layer of automated controls over ERP controls Continuously monitor key controls Detect and Report issues as they occur Prevent issues from occurring Quickly see high risk issues with exception based dashboards Address issues that affect the bottom line Reduces operational risk and process effectiveness
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- 10. 10Copyright © Capgemini 2013. ll Rights Reserved 10
- 12. 12Copyright © Capgemini 2013. ll Rights Reserved
- 14. Continuous Monitor – Duplicate Vendor
- 19. 19Copyright © Capgemini 2013. ll Rights Reserved
- 20. 20Copyright © Capgemini 2013. ll Rights Reserved
- 21. Problem agenda Introduction P2P Issues that Impact the Bottom-Line Oracle Advanced Controls Solution Use Case: Financial Organization Systems Q & A
- 22. 22 Oracle Advanced Controls – Customer Experience
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- 27. Use Case - Scope 27
- 29. approach to GRC Projects 29
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- 32. Tangible Business Benefits32 Fewer duplicate payments: Vendor master cleanup eliminates the duplicate vendor files and vendor coding issues that significantly contribute to duplicate payments. Reduced fraud: The Association of Certified Fraud Examiners estimates that the average company loses 5 percent of its annual revenues to fraud. Cleaning and maintaining a vendor master file provides the visibility and controls required to help reduce fraudulent payments. Increased staff productivity: Clean vendor files make it easier to find vendors in your system. This makes it less likely that staff will create a duplicate vendor record, and ensures that staff does not waste their time maintaining files that should have been deleted. Improved analysis and management of spending: By showing which vendors are parts of the same corporate entity, vendor master cleanup helps companies analyze and manage spending to negotiate better discount terms and proactively manage their debit balances. Streamlined regulatory compliance: Vendor master data management drives compliance with regulations and internal controls, as well as compliance with 1099 tax legislation. Reduced costs: Compared to traditional manual processes, an ongoing vendor master data maintenance program significantly reduces the costs of managing supplier information.
- 33. 33 Thanking You
- 34. Q & A
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