Oracle Financial Reporting Compliance Cloud Service

Oracle Financial Reporting Compliance Cloud Service is the automation system of tasks for execution of requirements of regulators, ensuring operating control.

On October 26, 2015 the Oracle corporation announced start of a cloud service of Financial Reporting Compliance Cloud Service for simplification and automation of tasks at fulfillment of requirements of regulating authorities, reliable, operating control.

Screenshot of the program window, 2015

Oracle Financial Reporting Compliance Cloud Service helps to consolidate process of documentation and assessment of business methods for meeting requirements of regulating authorities to financial statements, such as provisions of the Act of Sarbanes-Oxley (Sarbanes-Oxley Act, SOX) and other similar laws worldwide applied including, in public sector. This service integrated with Oracle ERP Cloud automates labor-consuming tasks and protects confidential data, excepting use of unsafe spreadsheets, e-mails and documents.

The cloud solution helps:

• reveal and estimate risks of violation of requirements to enterprise-wide financial statements;
• react to risks selecting, estimating, testing and strengthening control facilities of financial statements;
• provide an exact and complete definition of efficiency of control and transactions;
• support application of manual control facilities and documentation of the performed work;
• analyze and exclude the problems detected in control facilities and in results of audit;
• provide increase in transparency for internal and outer concerned parties;
• carry out certification of control facilities and financial statements.

Developing Oracle Financials Reporting Compliance Cloud Service together with Oracle ERP Cloud of the organization have an opportunity of control of procedures not only in financial processes, but also in other areas. In addition to reducing costs for implementation such approach provides interaction with more reliable ERP solution, acceleration and increase in cost efficiency of process of SOX in the long term. This service provides immediate benefits to owners of means of financial control, specialists in execution of the regulating regulations and audit, the staff of IT service.