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The survey is distributed to process owners and control owners every quarter with
deadlines for each control location. The survey also shows the results of the current
year's risk assessment conducted pursuant to the risk assessment framework. The
Compliance PMO also has the option, during the year, to initiate additional surveys
to address any changes to the control environment.
The survey includes questions regarding significant processes, risks, and key
controls that require mandatory response by the process owners. Process owners
are also asked to identify any control deficiencies at this point and action plans
are developed to ensure that these deficiencies get remediated before the control
testing phase.
Oracle's GRC Manager and
Intelligence—risk assessment
and control verification system
InFission has selected Oracle GRC Manager and Intelligence (GRCMI) application
to support the risk assessment and control verification process based on GRCMI
functionality to meet business requirements.
Oracle GRC Manager is a comprehensive enterprise risk management application
that offers web-based risk and compliance management features. The module can be
used by executives, controllers, internal audit departments, and public accounting
firms to document and test internal controls and monitor ongoing compliance.
With Oracle GRC Manager, InFission can increase internal control management
efficiency, improve risk assessment confidence, and lower external audit verification
costs. You can use the application's intuitive workbench to organize, execute, and
manage audit activities, which can be similar to the following:
• Deine standard business processes
• Set up risks to which processes are exposed
• Set up controls that can mitigate process risk
• Set up the Organization Structure (Auditable Units) and map processes
to this structure
• Record assessment of the organization's compliance with established controls
and regulations
• Assess risk and verify controls design and operating effectiveness
• Review the compliance of your business processes/systems and record
audit results.
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