Current Challenges in industries:
- To improve from the current level of managing Enterprise risks in a siloed manner with different departments managing risks through spread sheets and manual registers.
- Embedding Risk Management across all business processes.
- To identify and implement an integrated, cohesive, automated Risk Management system in place to continuously address the enterprise risks and mitigate/transfer/avoid them to achieve better Governance and remain solvent.
- Proactive and continuous monitoring of risks to achieve compliance with IRA at all times.
- To avoid:
- Operational Risks
- Financial Risks
- Fraud Risks
Why any organization invest in GRC?
- Enterprise wide Risk visibility which will become valuable input for Risk capital decision making.
- Pro-active and continuous monitoring of risks, issues, remediation efforts, testing the operating effectiveness of controls – all possible through implementation of Oracle GRC.
- Board level visibility of KRIs & KPIs through inbuilt Dashboards & intelligence.
- Oracle GRC will allow KENYA-RE to meet the regulatory demands of IRA and FRA.
ORACLE FUSION FINANCIAL REPORTING COMPLIANCE CLOUD
Oracle Fusion Financial Reporting Compliance Cloud Service documents your business practices so that you can satisfy financial reporting regulations. Use it to:
- Define business processes, identify risks to those processes, and formulate controls to address the
- Evaluate risks, and analyze the impact of controls upon
- Assess objects regularly to determine operational effectiveness accurately and comprehensively, and ultimately to strengthen financial-reporting controls.
Financial Reporting Compliance makes its introductory appearance among Fusion Cloud applications, so in a sense, everything about it is new.