Understanding Oracle Risk Management and Compliance (RMC)
Oracle Risk Management is a key module within Oracle Fusion Cloud ERP, designed to assist organizations in managing risk and meeting compliance and privacy requirements. This module enables users to automate risk analysis, perform continuous monitoring, and control ERP security, configurations, and transactions.
Key Benefits:
- Identify violations in access, configuration, and transactional controls
- Identify and resolve SOD conflicts
- Decrease time to complete audit cycle
- Leverage risk management to assess business processes and controls more efficiently
- Empower internal audit to prepare organization for external audit
- Leverage detective and preventative tools to prevent fraud
Harness the power of Oracle Risk Management to mitigate risk, manage risk and compliance processes, minimize audit findings, and boost transparency, collaboration, and accountability within your organization, all through one connected cloud system.
Transforming Risk Management with Sikich’s Unique Approach
At Sikich, we combine our extensive audit and Oracle technology expertise to support clients across various industries to offer an unmatched and superior risk management experience. Our team consists of specialists with years of experience working in industry, who are dedicated to listening, designing, and executing top-tier Oracle RMC implementations and enhancements for our clients.
A Differentiated Approach to Risk
Partnership with Sikich Audit
Our engagement begins with a thorough assessment led by the Sikich Audit team. We scrutinize your processes to pinpoint risk areas that external auditors focus on, then we show you how to address assessment findings through enhanced control implementation.
Secure Role Design with Custom Accelerator
Poorly designed roles are the #1 reason for audit findings after go-live. Minimize audit deficiencies with access to a library of pre-defined roles that are validated for business processes, SOD, and license compliance.
Proprietary Tools for Control Enhancements
Get a clear comparison between your current and future access control landscapes. Quickly identify SOD conflicts within minutes. Visualize roles by function and access a comprehensive SOD audit trail for easy review.
Organizational Impact and Savings
Streamline your audit processes with Sikich’s comprehensive evaluation and implement detective and preventative tools to shorten audit cycles, saving you time and money.
“We wish we had partnered with Sikich earlier and can’t wait to unlock the benefits and potential that this product will bring.”
VP, Corporate Initiatives
Glaukos
Oracle Risk Advisory Consulting Offerings
Discover how Sikich transforms risk management and compliance with Oracle RMC through our innovative advisory consulting services. Our specialized experts guide you in optimizing and enhancing your Oracle RMC instance, ensuring top-notch risk compliance and strategic advantage.
our RMC Offerings
Implementation of Oracle RMC
Seamlessly integrate Oracle RMC into your operations.
Optimization of Oracle RMC
Maximize the efficiency and effectiveness of your existing Oracle RMC
Tailored Strategies and Roadmaps
Develop customized solutions for risk assessment, security, internal controls, and regulatory compliance
Key Focus Areas
- Risk Assessment: Evaluate effectiveness of your risk management processes
- Critical Configuration & Transaction Controls: Ensure your system configurations and transactions are secure and compliant
- SOD Controls & Security Design: Design segregation of duties controls and robust security measures
- Full Oracle Audit Compliance Package: Complete assessment and enhancement of your current control environment, providing tailored recommendations and detailed reports on user roles and permissions. It includes optimizing approval workflows, implementing advanced access and financial controls, redesigning security roles, automation of configuration controls and digitization of your control list for improved financial reporting compliance.
Elevate your risk compliance with Sikich’s expert Oracle Risk Management and advisory consulting, where innovation meets strategy.
Case Study: Glaukos
Glaukos is an ophthalmic pharmaceutical and medical technology company focused on novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases.
As the company grew, it faced maintaining effective risk management and compliance oversight due to its reliance on manual processes for monitoring internal controls and managing risks. The result was a Oracle Risk Management and Compliance solution with the help of Sikich.
Why Choose Oracle RMC?
As companies grow, managing risks without a centralized system becomes challenging. Oracle Risk Management Cloud simplifies risk monitoring by providing immediate insights. It supports financial reporting, operational audits, internal control reviews, enterprise risk management, and fraud assessments with a digitized control repository and automated access control testing, aligning stakeholders and streamlining risk monitoring through built-in data analysis.
The Value of Oracle Risk Management and Compliance
Simplified Processes
Streamline risk and compliance workflows with built-in user access reviews, certifications, and a unified internal controls repository.
Automated Analysis
Automate security and transaction data analysis to detect SOD violations, fraud, errors, and policy breaches.
Rapid Deployment
Implement best practice controls with prebuilt algorithms for continuous monitoring of high-risk areas within hours.
Efficient Data Compilation
Reduce time spent on data compilation and enhance the completeness of reviews.
Self-Service Access
Minimize external audit time with self-service Oracle access, allowing auditors to independently retrieve necessary information.
Business Goals Achieved using Oracle Risk Management and compliance
- Enhanced Risk Awareness: Gain a comprehensive view of potential risks and vulnerabilities within your ERP system
- Improved Collaboration: Foster better collaboration across teams with transparent risk management processes
- Greater Accountability: Ensure accountability through detailed audit trails and automated compliance checks
- Cost Efficiency: Achieve significant reductions in audit fees and time spent on data management
