Database Reference
In-Depth Information
Summary
In this chapter, we have provided details to help you create and maintain control
documentation by following best practices to manage key components of control
documents such as process, procedures, risks controls, and business units. We have
explained how Oracle GRC Manager and Oracle Tutor can be used to streamline this
key process that is critical for internal audit, risk management, and compliance.
You can determine the accuracy and completeness of your organization's control
documentation by starting with the review of process narratives, policies, and
flowcharts. Next, you can examine the risks, and register for processes and controls
that mitigate these risks. Many organizations maintain a
Risk and Controls Matrix
to make the association with each significant process easier. There may be variances
in business process, risks, and controls by the business unit that are important to
understand. These variances can occur due to regional business practices, variations
in the business segments, or differences in systems. Your control documentation
should be organized by business units to ensure that these variations can be
managed for audit and compliance.
GRC Manager can enable you to track and manage control documents by providing
content management function to check-in check-out functions with audit history
and secure workflows to ensure that the documents are reviewed and updated
periodically. Many organizations prefer to use a content management system
because spreadsheets and word processor documents are prone to errors and
inaccuracies when multiple employees have to share and maintain the documents.
Oracle Tutor can help you improve the time it takes to create process documents
by automatically generating the flowcharts based on the process narratives. This
feature alone can save you hundreds of hours in creating and maintaining process
documents. When a process is changed, you simply edit the narrative in your
word-processor and Tutor will reflect the change in the flowchart.
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