Introduction - Governance, Risk, and Compliance Topic for Oracle Applications - page 7

Infission

Board of Directors

Audit Committee Compensation Committee

CEO

Chief Operating
Officer

Chief Financial
Officer

Chief Information
Officer

Chief Adult
Executive

Compliance
PMO

Financial and
Operational Audit

IT Adult

In the previous figure, we have seen the key roles that are directly engaged
in the governance, risk management, and compliance activities in a typical
organizational chart.

Their IT infrastructure is comprised of Sun Hardware and are running Oracle
database, middleware, and business applications. We do have one of the
subsidiaries of InFission running JD Edwards just to allow us to illustrate
GRC working in a heterogeneous applications environment.

Roles involved in GRC activities
It is worth examining what function is responsible for what activity and what
part of the Oracle footprint each is most interested in.

Audit Committee member
The audit committee of the board of directors must have at least three members.
One member must have accounting or financial management expertise and all
other members must be financially literate. All members must be independent.

The Audit Committee is charged with the oversight of the Financial Reporting
process, including review of quarterly and annual financial statements on behalf
of the investors and to discuss annual financial statement with management
and auditors.