4 Managing Companies

Company is an abstract concept that represents statutory companies, business units, or levels of financial consolidation and reporting. The company is an entity in the Tenant's organization structure.

In Oracle Financial Services Cloud, you can set up instances of companies that the Tenant wants to use across their cloud services, as well as organize them into hierarchies.

Company Types

You can create different types of companies in Oracle Financial Services Cloud:

• Financial: These companies hold financial or fiduciary responsibilities and are related to Products, Billing Features, and Account Features that are used for all accounting.
• Marketing: These are companies that market and brand products. They are related to Products and are used to identify the owner, define branding and other forms of marketing (including mass mailing), along with other details like interest rates. They are used for various forms of marketing reporting and communications.
• Operations: These companies have employees and operators, and perform operations. They are used for all forms of administrative processing and roll-up reporting.
• Sales: These are companies that sell products and are used to identify who can sell the product within the Company.
• Legal: These companies are legal entities and are used for legal contracts, agreements, disclosures, and so on. They are used to define statutory and regulatory policies of various regions where the company's Products are being sold.

Organization Unit Types

Every company should have a Main organization unit type and a Sub organization unit type. This helps in creating an organizational structure for the company.

• A Main organization unit type indicates a high level role in organization structure, such as a Head Office or a Zonal Office. The Main organization unit types available in OFSC are:
  • Head Office
  • Regional Office
  • Zonal Office
  • Area Office
  • Business Unit
• A Sub organization unit type indicates a unit that takes additional activities, such as a Shared Service Centre or a Branch. The Sub organization unit types available in OFSC are:
  • Branch
  • Shared Service Centre
  • Division
  • Department

Creating Companies and Company Hierarchies

To create a Company in Oracle Financial Services Cloud, you need to perform the following prerequisite tasks:

Note:

These configurations ensures that every company created in the tenant follows the same ID pattern. Note that this ID pattern is applied only when you select automatic ID generation while creating a Company. In case of manual ID generation, you can enter an ID of your own choice, which is then validated against the pattern set.

1. Create a Company ID Generation configuration: This configuration lets you define the pattern to be followed while creating a Company ID.
2. Associate the Company ID Generation configuration with the Tenant: This configuration lets you associate the above configuration to a tenant, so that every company created in the tenant follows the same pattern.

Once the Company ID Generation configuration is created and associated with the tenant, you can go ahead with the company creation.

Procedure for creating company remains the same for all types of companies. To understand the procedure for creating an 'Operations' type of company, see Creating Operations Company.

To create a hierarchy of companies, associate one company to another, thereby establishing a parent-child relationship between them. See Creating Operations Company Hierarchy.