Manage the Risk of Inefficiency and Occupational Fraud in Day-to-Day Business Processes July 12 , 2011 2:00 – 3:00pm ET Stephanie Maziol, Product Marketing Director, GRC Applications, Oracle 1 Agenda • Welcome & Introductions • Under-the-Radar Process Inefficiency and Vulnerability • Inefficiency and Internal Fraud Reduction with Oracle Fusion GRC Applications • Automated Controls Applied to Process Risks 2 3 Copyright 2011 Oracle Corporation. All rights reserved. <Insert Picture Here> Under-the-Radar Process Inefficiency and Vulnerability
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ACFE 110712 Slides Final3 - Webinars, Webcasts, LMS ...eoplugin.commpartners.com/acfe/110712/ACFE_110712_Slides_Final3.… · conflicts. 25-40 controls and SOD rules were implemented.
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Manage the Risk of Inefficiency and Occupational Fraud in Day-to-Day Business Processes
• Ensure OFAC compliance and validate suppliers against watchlist.
• Monitor P2P transactions more effectively than looking at cash payments comparisons
Key Processes Vulnerable to Abuse & Inadvertent Err or
Source: “2011 OAUG Governance, Risk & Compliance Best Practices Survey”, Unisphere Research, Feb 2011
24Copyright 2011 Oracle Corporation. All rights reserved.
Cut Order to Cash Ineffciency & Risk
• Determine if product master data is accurate
• Find & remediate users with privileges to enter & modify master data
• Add data entry rules to validate sales order ship-to destination against localized product configuration
• Find sales order transaction exceptions
• Find revenue and COGS mismatches
• Validate customer invoice aging, thresholds
Results
• Reduced order entry time by 20%• Automated audits/reports of order
entry issues• Automated exception e-mails to
notify Sales of order issue• Removed errors causing
invoice/shipping issues• Improved the overall order system
health & end user confidence
A.M. Castle, metal distributor with 55 offices in US, Europe andAsia, revenues of $1.5 B and 1,500 employees. Growth through acquisition and global expansion.
A.M. Castle
Requirements
• Inefficient, error prone quote & order entry process causing service issues
• Extensive exception reporting to correct order entry exceptions
• Numerous manual and custom audits were required to catch errors
• Many fields required additional keystrokes and navigation
Key Processes Vulnerable to Abuse & Inadvertent Err or
Source: “2011 OAUG Governance, Risk & Compliance Best Practices Survey”, Unisphere Research, Feb 2011
27Copyright 2011 Oracle Corporation. All rights reserved.
Cut Financial Close Inefficiency & Risk
• Control access to ledger, ERP, consolidation, disclosure applications
• Prevent journal entries for which debit does not equal credit
• Validate that transactions are recorded according to GAAP/IFRS
• Identify changes to master data with significant impact to financial accounting or reporting implications
• Prompt users to add notes after work item is completed
Results
• Close 92 legal entities, centrally, in less than a day
• All existing controls are maintained or strengthened
• Allow for status monitoring from a single workbench
• Build better notifications and alerts
FedEx, the world's #1 express transportation provider with 200,000 employees and $37 billion in revenues, offers access to the global marketplace through a network of supply chain, transportation, business and related information services.
FedEx
Requirements
• 6 ledgers currently close in 6-7 hrs but are moving to 92 ledgers
• Going from 175 to 400 users• Are expanding from US-centric
close to one involving Canada and other regions
• Need to maintain an auditable yet efficient close
29Copyright 2011 Oracle Corporation. All rights reserved.