Database Reference
In-Depth Information
•
Issue Remediation Cycle Time
: Displays the cycle time for remediating
open issues
•
Risks by Open Issues
: Displays the risks associated with each open issue
•
Risk Detail
: Displays all the details related to a set of risks
•
Risk Level Reduction
: Displays the reduction in risk level by control type
•
Treatment Cost Benefit:
: Displays the cost and benefit of each risk treatment
Summary
Organizations can gain efficiency and reduce compliance costs by taking a more
holistic approach to implement an integrated framework for coordinating and
monitoring compliance activities.
A holistic compliance approach requires a central compliance management office to
identify common regulatory requirements across the regions. The COSO framework
can serve as a template for building an integrated framework to comply with
regional regulations across major economic zones including the United States'
Sarbanes-Oxley, Canada's Bill 198, the United Kingdom's Corporate Governance
Code, the European Union's 8th Directive, Japan's Financial Instruments and
Exchange Law, and Australia's Corporate Law Economic Reform Program (CLERP).
Oracle GRC Manager can be easily configured for managing different regional
compliance activities. This application provides options to create
perspectives
, select
compliance
objects
such as process, risks, and controls, add user defined attributes,
document types, and create security roles to ensure that all regional compliance
activities can be managed within the same platform. Compliance Managers can
also use this platform to manage compliance activities with overlapping control
objectives to comply with regional regulations. The compliance self-assessment can
be performed for each regulatory region using this platform to identify issues and
assign remediation tasks.
Purpose-built business intelligence tools, such as GRC Intelligence, can provide a
holistic view of compliance across the integrated framework to streamlined regional
compliance activities and full visibility of the management into the risks across its
local entities and global processes. Regional Compliance Managers and corporate
compliance PMO can see a common view through dashboards. The out of the box
dashboard and reports can be used to monitor certification process, track issues and
actions, as well as analyze regional compliance trends.
