Database Reference
In-Depth Information
In recent years, many organizations have adopted the Enterprise Risk Management
(ERM) framework, established by COSO for risk assessment and controls
verification. IT organizations also utilize the COBIT framework to assess IT risks
and controls. These frameworks provide a more holistic view of the risks and
control activities that are required to mitigate the inherent risks to a residual level
that is acceptable to the organization.
Oracle GRC Manager enables organizations to implement a holistic approach
to assess risks and verify controls by initiating an assessment workflow that is
distributed through e-mail to those managers who are responsible for significant
business processes. Once the managers receive the e-mail notification, they can
access the pages to review risks, evaluate controls, and identify any issues, which
must be remediated to meet the risk management and compliance guidance
provided by the board of directors.
Oracle GRC Intelligence is a specialized business intelligence tool that enables
chief audit executive and the internal audit department to collect transactional
data from various internal and external sources to develop a model that can enable
a quantitative risk analysis. This technique is utilized by leading audit teams to
develop an optimum internal audit plan that takes into account the qualitative
risk assessment from the management as well as other key probabilistic and
non-probabilistic factors.
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