Oracle Risk ManagementProduct Overview
- About Oracle Risk Management
- Pros of Oracle Risk Management
- Cons of Oracle Risk Management
- Breakdown of core features
Oracle Risk Management product overview
Oracle Risk Management is a module within the Oracle Fusion Cloud ERP that manages risks to meet compliance and privacy mandates such as SoD, SOX, and GDPR. It allows organizations to automate analysis as well as monitor and control ERP security, configurations, and transactions.
Oracle Risk Management uses modern data science and AI techniques to design secure roles, resolve SoD conflicts, monitor sensitive configurations, and detect suspicious transactions to protect against payment fraud and error. These AI-driven risk analysis tools accelerate implementations, anticipate ERP risks, provide actionable insights, simulate and track remediation solutions, and streamline compliance.
Pros of Oracle Risk Management
- The software simplifies risk and compliance processes to promote risk awareness, collaboration, transparency, and accountability.
- Organizations can automate security and transaction data analysis for SoD, fraud, errors, and policy violations.
Cons of Oracle Risk Management
- According to some users, the platform comes with complex integrations.
Breakdown of core features
Secure role design
The solution automates privilege-level security analysis while configuring Job Roles, avoiding expensive redesign, rework, and delays in ERP implementation. It discovers SOD violations during testing, rollout, or, audit finding. IT delivers a library of numerous best-practice security, access, and privacy controls.
Advanced transaction analysis
Oracle Risk Management empowers businesses to continuously monitor ERP transactions. Business process auditors can detect high-risk scenarios like Duplicate Invoices and ghost employees. They can also compose new algorithms using a visual workbench and manage exceptions using a simple workflow.
It allows organizations to implement compensating controls to identify transactions related to abuse of excess privileges. Organizations can ensure that broad super-user privileges granted for emergencies are not abused and have timely revocation.
Risk and compliance workflows
The software serves to maintain a centralized repository of all corporate policies. It provides an end-to-end workflow solution to automate internal audit assessments, financial reporting certifications, and compliance with mandates such as SOX & GDPR. Additionally, it gives an automated solution to complete Data Protection Impact Assessments, certify and monitor employee access to personal data, and respond to SAR requests on unauthorized data access and use. Employees can also report data breach incidents.
Sensitive access certification
Organizations can further protect sensitive privileges and data by carrying out periodic certification of access privileges. Oracle Risk Management’s automated workflows eliminate manual compliance tasks that rely on spreadsheets and emails. Administrators can scope sensitive ERP roles and users for approval by process owners and approve, remove, or investigate users with high-risk access.
Access Certification streamlines the organization’s periodic reviews to ensure appropriate user roles. It also supports broad, organization-wide reviews, including quarterly audits and sensitive-access scenarios. While the roles included in a continuous certification remain the same, their assignments to users are updated each day for certification.
(Last updated on 02/01/2022 by Liz Laurente-Ticong)