Oracle has introduced Oracle enterprise governance, risk, and compliance manager and the latest release of Oracle enterprise governance, risk, and compliance controls to deliver a unique, closed-loop approach to regulatory compliance, risk management, and controls automation.

Oracle anticipates that its enterprise GRC manager and enterprise GRC controls are tightly integrated so organizations can align the identification, assessment, and prioritization of risks with the ideal risk treatment through a combination of both manual and automated controls.

This integrated approach gives organizations an enterprise understanding of which risks are critical and enables an immediate and coordinated response.

Oracle claims that its enterprise GRC manager supports cross-enterprise, risk-based modeling, analysis, treatment and decision making, allowing organizations to embed clear accountabilities for risk management and control across the enterprise.

The adaptive application reduces tedious and overlapping tasks, while allowing separate lines of business to address the distinct risk management requirements faced by their organization.

The software company has also said that its enterprise GRC manager is a single system to manage interdependent risks and compliance initiatives. Common enterprise processes help identify correlated risks and consolidate the tracking of results from control testing across multiple GRC initiatives.

A single system to manage enterprise-wide risk and compliance initiatives also enables organizations to significantly reduce the cost of auditing and governing change management processes on their enterprise controls.

The company has added its benefits like, complete support for financial compliance (SOX/AS5) with top-down, risk-based scoping and a flexible, hierarchical certification process, integrated support for enterprise risk management that promotes risk awareness, conducts assessments, simplifies measurement, identifies effective controls and helps organizations remove unnecessary business risk.

Chris Leone, group vice president of applications development at Oracle, said: “For many organizations, the greatest GRC challenge is creating a consolidated view of compliance, risk and internal controls. Oracle Governance, Risk, and Compliance application suite addresses this challenge by providing a complete, open, and integrated platform that provides the flexibility needed to efficiently and intelligently manage GRC programs.”

Will the firm benefit with the new suite?

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