Oracle has launched financial reporting compliance cloud service to simplify and automate compliance tasks and to provide reliable and responsive compliance oversight.
The company claims that its new service will enable customers consolidate the process of documenting and assessing business practices to satisfy financial reporting regulations, such as Sarbanes-Oxley (SOX) and equivalent laws, around the world and in the public sector.
Oracle Financial Reporting Compliance Cloud Service, which is integrated with Oracle ERP Cloud, automates labor-intensive tasks and protects sensitive data by replacing the use of unsecure spreadsheets, emails and documents.
The cloud solution will also allows customers to identify and assess financial reporting risk enterprise-wide; respond to risks by selecting, assessing, testing, and strengthening financial reporting controls; determine control and operational effectiveness accurately and comprehensively; and ensure manual controls are enforced and work performed is documented, the company said.
The new solution will enable customers to review and remediate issues for both control failures and audit findings; improve visibility to internal and external stakeholders; and certify controls and financial reports.
Oracle senior vice president of applications development Chris Leone said: "Oracle Financial Reporting Compliance Cloud Service strengthens internal controls by automating best practices and lessons learned from a decade of expertise in risk and compliance solutions.
"With Oracle Financial Reporting Compliance Cloud Service, organizations can deploy an integrated service that delegates control assessments to business owners who are in the best position to make material improvements. Empowering business owners to manage their own controls ensures accountability, transparency and effective risk management."