1Introducing Risk Management Analytics

This chapter contains the following:

Overview of Risk Management Analytics

You can develop analyses and dashboards that present information about your company's use of Risk Management to guard against risk in business processes. Your analyses draw data from predefined subject areas.

  • An analysis is a display of real-time data. It incorporates "views," which are typically tables, graphs, or both.

  • A dashboard is a set of related analyses or a combination of analyses and parameters.

  • "Analytics" is a generic term that encompasses analyses and dashboards.

  • Subject areas are logical groupings of columns that contain data about Risk Management. As you create analyses, you select the subject-area columns that provide the information you want.

To complement analytics you may create, Risk Management provides predefined dashboards. Some provide analyses that return administrative information. Others document simulation remediation plans in Advanced Controls, details of certification projects in Access Certification, and relationships among objects in Financial Reporting Compliance.

Risk Management also provides predefined reports available from Financial Compliance Reports and Advanced Controls Reports work areas. These are documented separately in user guides for Financial Reporting Compliance and Advanced Controls. They're unrelated to the analytics you can develop from subject areas.

Considerations for Saving Analytics

You save analyses and dashboards in the business intelligence (BI) catalog. It's located in the Reports and Analytics work area, which is accessible from Tools in the springboard. The catalog has a hierarchy of folders, starting with My Folders and Shared Folders. One important folder is Custom, which you can find in Shared Folders. Use it to store analytics you create or modify.

My Folders

You're the only one who can access anything you save in My Folders. You can see your saved items in My Folders on the Reports and Analytics work area, but not in My Folders in the Reports and Analytics pane on any other work area. The only exception is when you use the wizard to create an analysis in the Reports and Analytics pane, and save it in My Folders. In this case, the analysis is available in the pane on all work areas.

Shared Folders

If you have the appropriate roles, you can also save in Shared Folders. Analytics you create or modify are then available to anyone with the correct access. You should save objects in the Custom subfolder, which has subfolders organized by product family.

Custom Folder

If you have access to Shared Folders, use its Custom folder to store all analytics you create or modify.

  • You ensure that those objects aren't affected during upgrades, which can change predefined analytics outside the Custom folder. You might lose changes saved outside the Custom folder during upgrades.

  • You can easily find your objects.

  • You can edit objects in the Custom folder without compromising security on the original objects.

When you copy an object into the Custom folder, the copied object inherits the permission settings of the Custom folder. An administrator can reset the permissions on the object and the folder that it's in.

Security for Risk Management Analytics

To work with Risk Management subject areas and analytics, you must have a job role that includes at least one of the following duty roles. Each provides functional access to analytics features for the component in its name:

  • Financial Reporting Compliance Transaction Analysis Duty

  • Advanced Access Control Transaction Analysis Duty

  • Advanced Financial Control Transaction Analysis Duty

  • Access Certification Transaction Analysis Duty

In Risk Management applications, you have access to records that you have created, or to which you have been added as an owner, editor, or viewer. This data limitation applies also to your analytics.

For more on configuring functional and data access, see Risk Management Cloud: Securing Oracle Risk Management.

Synchronize Analytics Data

For analyses to display current data, two Risk Management jobs must run regularly.

  • A job called Access Certification Synchronization applies to Access Certification.

  • A job called Report Synchronization applies to Financial Reporting Compliance data as well as to access and transaction controls created in Advanced Controls, and their results.

Access Certification Synchronization updates reporting tables with changes to Access Certification owner, manager, and certifier assignments. (It also updates other elements of Access Certification that don't apply to analytics.) It begins running when your organization creates its initial certification. From then on, the job runs once a day. You're expected not to modify this schedule.

The Report Synchronization job updates all dimensions of the Advanced Access Controls Real Time and Advanced Financial Controls Real Time subject areas, which support analyses of advanced controls and their results.

This job also updates some data that applies to Financial Reporting Compliance, while other data for this application is updated in real time (without requiring any job to run):

  • Run Report Synchronization to update these dimensions of the Compliance Real Time subject area: Change History, Inaccessible Records and Worklists, Related Records, Risk > Risk Analysis, and Unassigned Perspectives.

    The Assessment Details and Perspective dimensions require the Report Synchronization job to run only if they're used with one another.

    These dimensions of the Compliance Real Time subject area are updated in real time: Control Details, Facts - Controls, Facts - Issue, Fiscal Calendar, Issue Details, Process, Process Details, Remediation, Risk > Facts Risk, Risk Details, and Time.

  • All dimensions of the Assessment Results Real Time subject area are updated in real time, with this exception: Only if you use either of the Assessment Details or Assessment Results dimensions with the Perspective dimension, run Report Synchronization to update these dimensions.

You need to schedule the Report Synchronization job. It should run often enough to reflect the frequency of changes to the data included in your analyses. In a typical environment, it runs daily.

To set the schedule for this job:

  1. Select the Scheduling tab in the Setup and Administration work area.

  2. In the Scheduling page, select the row that represents the Report Synchronization schedule, then click the Edit option.

  3. In a Schedule Parameter dialog box, enter new values in fields, and make new selections among radio buttons, to define a new schedule. Click the Reschedule button.

You can also run either job on demand: In the Scheduling page, select the row for the job and click the Run Now button.

Note: A third synchronization job updates the Advanced Access Models Real Time subject area, which supports analyses of access-model results. This job must be run manually from the Models page of the Advanced Controls work area.

Flexfields in Analyses

Descriptive flexfields are fields your company defines to store details unique to its requirements. Your company can add these to records of processes, risks, controls, issues, and assessments in Financial Reporting Compliance. You can include flexfields in analyses, but first you must enable them for Transactional Business Intelligence.

Here are some preliminary considerations:

  • In part, enabling flexfields for Transactional Business Intelligence involves selecting an option as you configure or edit flexfields. However, this topic doesn't fully discuss how to configure or edit a flexfield. For information on those tasks, see the Flexfields chapter of a guide titled Configuring and Extending Applications.

  • There are three types of flexfield: key, extensible, and descriptive. However, Risk Management uses only descriptive flexfields. As you review information about flexfields in the Configuring and Extending Applications guide, you can ignore information about key and extensible flexfields.

Enable Flexfield Segments

To configure descriptive flexfields, you use the Manage Descriptive Flexfields task in the Setup and Maintenance work area. For each flexfield, you define global or context segments. Broadly, a global segment is a piece of information that becomes part of an object record under any circumstance. A context segment is a piece of information that applies only under circumstances you define as you create the flexfield.

As you create either type of segment, select a BI Enabled check box if you want that segment to be available for analyses, or clear the check box if not. You can perform either action as you initially configure the flexfield, or as you edit it later.

Run Jobs to Make Flexfields Available for Analytics

When you finish configuring or editing a set of flexfields, run the Import Oracle Fusion Data Extensions for Transactional Business Intelligence process. It's available under Scheduled Processes in the Tools work area. As you set parameters for this process, be sure to select the Risk Management check box (or the All check box) under Basic Options.

When that job finishes running, also run a Report Synchronization job. You can run it on demand, or create a schedule for it to run regularly, on the Scheduling page of the Setup and Administration work area of Risk Management.

Risk Management Flexfields for Business Intelligence

This table shows the Risk Management descriptive flexfields and the subject areas in which you can use these flexfields.

Descriptive Flexfield Subject Area Folder

FRC_CONTROL_DFF

Risk Management Cloud - Assessment Results Real Time

Risk Management Cloud - Compliance Real Time

Control Details

FRC_PROCESS_DFF

Risk Management Cloud - Assessment Results Real Time

Risk Management Cloud - Compliance Real Time

Process Details

FRC_RISK_DFF

Risk Management Cloud - Assessment Results Real Time

Risk Management Cloud - Compliance Real Time

Risk Details

FRC_ISSUE_DFF

Risk Management Cloud - Compliance Real Time

Issue Details

FRC_ASSESSMENT_CONTROL_DFF

Risk Management Cloud - Assessment Results Real Time

Risk Management Cloud - Compliance Real Time

Assessment Result Details

FRC_ASSESSMENT_PROCESS_DFF

Risk Management Cloud - Assessment Results Real Time

Risk Management Cloud - Compliance Real Time

Assessment Result Details

FRC_ASSESSMENT_RISK_DFF

Risk Management Cloud - Assessment Results Real Time

Risk Management Cloud - Compliance Real Time

Assessment Result Details

FRC_REMEDIATION_PLAN_DFF

Risk Management Cloud - Compliance Real Time

Remediation Plan Details

Schedule Analytics

You can schedule analytics to run when you need them. You can also schedule other automated tasks, for example to deliver results to specific recipients or to send notifications. You can use the CURRENT_DATE repository variable to generate a list of changes implemented on the day the job runs.

To set all this up for an analysis or dashboard, you create what's called an agent, which is saved as an object in the business intelligence (BI) catalog.

  1. Open the Reports and Analytics work area, or the Reports and Analytics panel tab if it's available in other work areas.

  2. Click the Browse Catalog button.

  3. Click New and select Agent in the Actionable Intelligence section.

  4. Ensure that you enter information on the Delivery Content tab to specify the analysis, dashboard, or briefing book to run.

  5. Save the agent in My Folders.

To edit an agent, browse the BI catalog to find the agent.