Overview of Oracle Financial Reporting Compliance

Oracle Fusion Cloud Financial Reporting Compliance forms a documentary record of your company's strategy for guarding against risk and complying with regulatory requirements. You can define business processes, identify risks to those processes, and create controls to counter those risks.

You also assess these processes, risks, and controls periodically. Assessments may determine whether these objects are defined and implemented correctly when they're created. Later, assessments may confirm that object definitions and implementations remain appropriate as time passes. As elements of assessments or independently of them, you may conduct surveys, or raise and resolve issues when defects are discovered. Thus you continually review and improve the company's governance, risk, and compliance efforts.

You may also create perspectives. Each is a set of hierarchically arranged values representing a context in which processes, risks, and controls exist. You assign values to objects you create. Suppose, for example, an Organization perspective maps your company's structure. You may create a control that addresses a risk affecting a business unit. You'd assign both the risk and the control an Organization-perspective value representing that unit. You can create perspective hierarchies to catalog objects by organization, region, or any other concept your company finds meaningful. Perspectives also play a part in determining how assessments are distributed to the people who work on them.

Note: Throughout this guide, "object" is a generic term for items you work with in Oracle Financial Reporting Compliance: Process (and Action Item), Risk, Control (and Test Plan), Assessment, Survey, and Issue. An object may be a class of items (for example, "Process" encompasses all processes) or a record of an individual item within that class (for example, "the Procure-to-Pay process" is a single process).