Integrated Risk Management (IRM) solutions are becoming increasingly essential across organizations of all industries and sizes. As risks in the business landscape and workforce evolve rapidly, organizations must be proactive, agile and coordinated in their approach to security, risk and compliance. In this context, IRM is about providing an end-to-end view of risks within an organization, so organizations can integrate risk management into their business processes and culture.
Let’s explore the functional and technical capabilities of Oracle Risk Management that make it an ideal fit as an IRM solution for Oracle SaaS customers.
An IRM solution should increase risk-awareness and responsiveness across business units. To achieve this, a minimum functional requirement includes the facilitation of a single, comprehensive enterprise-wide view with collaboration necessary for risk-based decisions, efficient response and adequate compliance. In addition, it is critical to have functionality that provides deep analytics to support real-time detection of risk, prevention of fraud or security breaches and risk-based decision making.
Access Controls/Separation of Duties (SoD)/Periodic Reviews
Having access to real-time data is crucial for a complete analysis of user access for the separation of duties and other controls. This deep analysis, followed by continuous or automated monitoring of user access, periodic reviews or certification, can significantly impact an organization’s ability to stay secure.
Configuration and Transaction Monitoring
IRM aims to increase risk-awareness within an organization. Thus, it is important to expect more than just managing access controls. Instead, let’s talk about analyzing user activity, providing business process owners with the ability to quickly identify, stop or respond to breaches or fraudulent activity when it happens and where it originates helps increase vigilance at all levels. An IRM solution with continuous configuration and transaction monitoring can significantly reduce the effort and time required to identify these risks.
Many solutions address only part of the functionality needed for a robust IRM solution, offering a limited view of the enterprise’s risk data required for risk-based decisions. Solutions such as Oracle Risk Management for Oracle SaaS customers provides the collaboration, real-time access to data and continuous monitoring to support IRM.
A native and built-in solution, by definition, has a single source of data, shares the same look and feel, and has the same security controls. Oracle Cloud Native Applications have been built with Oracle cloud standards and coded in the same programming language as Oracle Cloud ERP.
Let’s now take a look at the technical capabilities that matter to evaluate whether the advantages of a native or built-in solution are significant.
Native applications operate in real-time, allowing the solution to work from real-time data and operate at 100 percent accuracy. This means user access or updates to access security in ERP applications are reflected in Oracle risk management immediately. Thanks to consistent architecture and native integration, users do not encounter data integration or sync issues. This ensures reporting that is timely and free of record conflicts.
For a contextual example, because Oracle Risk Management resides within Oracle Cloud ERP, business-critical data stays within the solution and is not stored on a potentially vulnerable data center or an external server. The fewer places the data is housed, the less risk and vulnerability for any security threat. Also, Oracle Risk Management uses the same security standards as Oracle Cloud ERP. Like Oracle Cloud ERP, Oracle Risk Management has granular controls of each functional privilege through a sophisticated role-based architecture.
Simplicity – Common User Experience and Interface
Any application should be simple, intuitive and consistent for a user interface. A native application like risk management has a seamless UI/UX experience, similar to the business-critical Oracle Cloud ERP application. Since it is a native app that uses a similar user log-in feature, adoption and training for business users will be easier and faster.
Reduced Cost – Easy Deployment and Ease of Management
Since the Oracle risk management cloud is a SaaS offering, similar to Oracle Cloud ERP, there is a zero deployment or installation of software or integration setup required. No installation is necessary, either on the client or server-side. Since Oracle Risk Management comes with pre-built controls for both access and transaction governance, the deployment time is considerably lower than other solutions. As Oracle risk management cloud does not need any programming, it has flexible integration with OTBI / OAC to generate beautiful dashboards and reports.
Expertise and Trust
As this native app is designed and built by Oracle, it adheres to Oracle’s best practices and security policies. Therefore, the trust that is placed in a business-critical application (Oracle Cloud ERP) can also be placed in the risk management application. Oracle risk management application is 100% up-and-running and similar to the Oracle Cloud ERP since it runs on the same cloud platform.
In conclusion, if a company uses Oracle Cloud for any of its core applications (ERP, SCM, HCM), the good news is that there is an integrated and native IRM solution available. Oracle Risk Management Cloud is built within the business-critical Oracle Cloud ERP application and is the Oracle Cloud Native Application of choice.
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