Learn how to streamline internal controls processes, configure our Financial Reporting Compliance cloud service to automate some of the most difficult and time-consuming parts of the processes, and achieve fastest implementation, minimum effort, and maximum return on investment from Oracle Product Development's process/solution designers Lakshmi Rajamohan and Barry Greenhut. Get more field-proven best practice ideas from Oracle Consulting Managing Practice Lead, Swarnali Bag.

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Implement the
Best Practice
for Oracle
Financial Reporting Compliance Cloud
OpenWorld 2016

2. Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Implement the
Best Practice
for Oracle
Financial Reporting Compliance Cloud
Learn about Oracle’s Best Practice Process & Solution
Automates and streamlines internal controls processes
Prescribes steps to configure and use Financial Reporting Compliance
Offers fastest implementation, minimum risk and effort, maximum return on
investment
Learn more best practices from Oracle experts
Get answers to your questions in live Q&A

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Safe Harbor Statement
The following is intended to outline our general product direction. It is intended for
information purposes only, and may not be incorporated into any contract. It is not a
commitment to deliver any material, code, or functionality, and should not be relied upon
in making purchasing decisions. The development, release, and timing of any features or
functionality described for Oracle’s products remains at the sole discretion of Oracle.
3

4. Arturo Martínez del
Campo Saucedo
Corporate Chief Financial Officer
Grupo Posadas S.A.B. de C.V. .
LEADERSHIP IN FINANCE
LATIN AMERICA - CLOUD
2016
Best
Practice
Adopter
First
Adopter
of Risk
Cloud

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Agenda
Panelist Introductions
Oracle’s Best Practice Process & Solution
Panelist Q&A
More Resources
1
2
3
4
5

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Session Speakers
Panelists:
– Swarnali Bag
Managing Practice Lead
Oracle Consulting USA
– Lakshmi Rajamohan
Principal Product Strategy Manager
Oracle Product Development
Moderator:
– Barry Greenhut
Director, Product Strategy
Oracle Product Development
6

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Agenda
Panelist Introductions
Oracle’s Best Practice Process & Solution
Panelist Q&A
More Resources
1
2
3
4
10

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Financial Reporting Compliance
• Risk Management Cloud service that
– Streamlines internal controls processes
– Automates labor-intensive tasks required to
complete external certifications for SOX and similar
mandates
11

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Financial Reporting Compliance Cloud Service
Streamline Internal Controls Processes
Complete Assessments
Remediate & Certify Controls
Document Risks & Controls Matrix
Define & Review Audit Test Plans
Enforce Manual Controls
12

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Financial Reporting Compliance Best Practice Process
• Business process that enables automation of financial reporting
compliance activities designed to:
• Identify your business risks, and manage controls necessary to mitigate these risks
• Meet needs shared by all Oracle Financials Cloud subscribers
• Based on our experiences with customers over the past decade and
collaborations with audit and compliance experts
• Benefits
• Fastest implementation and go-live
• Maximum ROI
• Minimum project risk and effort
• Minimum ongoing cost of operation
13

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Financial Reporting Compliance Best Practice Process
Document Risks
& Controls
Assess Control
Effectiveness
Address
Issues
Publish
Certification
14
Keep risk-control matrix up
to date and complete
Perform assessments
periodically and on demand
View effectiveness
documentation in real-time
Keep control designs and
assessment plans up to
date
Review and remediate
issues identified by
assessments
Reassess to verify
effectiveness
Report assessment results
to managers, auditors, etc.
All subscribers start by automating this process
Review Best Practice for Financial Reporting Compliance for details

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Document Risks and Controls
• I document financial reporting risks, and
related controls and test plans
15
Chris Owner

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Identify and Document Risks
16
Risk library

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Document Risk
17
Risk details

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Relate Control to Risk
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Document Control
19

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Document Control
Create Test Plan
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Review and Approve Risks and Controls
21
Alan Approver
• Whenever risks or controls appear in my
worklist, I review them

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Review Financial Reporting Controls
Select Task from Worklist
22

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Review Financial Reporting Controls
Review Control
23

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Initiate Assessments
24
Chris Owner
• Next, I plan and initiate control
assessments

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Ensure Consistent Assessment Process
Create Assessment Template
25
Quarterly Control Certification and Audit Test Template
Quarterly Control Certification and Audit Test Template
Select Assessment/ Test
Activities for the controls to
be tested

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Ensure Consistent Assessment Process
Create Assessment Plan
26
Quarterly Control Certification and Audit Test Plan
Quarterly Control Certification and Audit Test Plan
Filter controls to be assessed
using selection criteria

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Q4 Control Certification
Complete Control Certification Tests
Quarterly Control Certifica
Kick Off an Assessment Cycle
Initiate Assessments – Confirm Plan and Scope
27
Assessment Definition
Generate list of controls to be
assessed using selection
criteria
Q4 Control Certification

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Assessment Management
Initiate an Assessment – Review Participants (Assessors, Reviewers, Approvers)
28

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Evaluate and Test Control Effectiveness
29
Diane Assessor
• Whenever I have an assessment to
complete in my worklist, I assess the
documented controls based on Chris’
test plans to ensure their effectiveness
and correctness

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Assessment Management
Complete Task from Worklist
30

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Assessment Management
Complete Assessment
31
Collect control
test plan results.

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Assessment Management
Record Assessment Results and Create Issue
32

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Create an Issue for a Control
33

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Address Issues
34
Chris Owner
I address issues identified during the
assessment cycle

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Review and Address Issue
35

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Review Results
36
Alan Approver
• I review the assessment results
and certify the controls

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Review Assessment Progress and Results
37

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Run Reports on Assessments
38

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Review Assessments Results
39

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Best Practice Solution
• Step-by-step guide to automating labor-intensive portions of the Best
Practice Process
• Prescribes steps to implement, configure and use Financial Reporting
Compliance Cloud
• Basis of Oracle University and partner training courses
40

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Best Practice Solution Outline
1. Gather
configuration
data
2. Perform Initial
Setup and
Configuration
3. Prepare and
Import data
4. Configure FRC
roles and users
5. Add
risks/controls to
the object library.
6.
Review/Approve
risks and controls
7. Creates
assessment
templates and
plans. Initiates
assessments
8. Assess controls
9. Create and
address issues
identified during
assessment.
10. Reassess
controls
11. Review
assessment result
reports
41
Admin
Reviewer
Risk &
Control
Owner
Assessor

39. Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Recap: Financial Reporting Compliance Best Practice
Process & Solution
Best Practice Process
– Goal:
• Automate and streamline internal control
processes
– Method:
• Use Financial Reporting Compliance to
document risks and controls, manage
assessments, and generate certification
documentation
– Context:
• Needed by Financials Cloud subscribers
• Foundation for advanced control activities
Best Practice Solution
– Prescribes steps to configure and use Financial
Reporting Compliance
– Basis of Oracle University and partner training
courses
Benefits
– Fastest implementation and go-live
– Maximum ROI
– Minimum project risk and effort
– Minimum ongoing cost of operation
42

40. Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Agenda
Panelist Introductions
Oracle’s Best Practice Process & Solution
Panelist Q&A
Swarnali Bag Oracle Consulting
Lakshmi Rajamohan Oracle Product Development
More Resources
1
2
3
4
43

41. Copyright © 2016, Oracle and/or its affiliates. All rights reserved.
Agenda
Panelist Introductions
Oracle’s Best Practice Process & Solution
Panelist Q&A
More Resources
1
2
3
4
44

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Thursday
PANEL SESSION
Sep 22, 9:30 AM – 10:15 AM| Moscone West 3005
Implement the Best Practice for Oracle Fusion Advanced Financial
Controls Cloud Service
[CAS7286]
Swarnali Bag, Governance, Risk & Compliance Practice Lead, Oracle
Barry Greenhut, Director, Product Strategy, Oracle
Christine Doxey, President, Doxey, Inc.
Lakshmi Rajamohan, Principal Product Strategy Manager, Oracle
Mark Stebelton, Director, Product Management, Oracle
This session provides a detailed walkthrough of Oracle Fusion Financial Controls Cloud Service
from an end user’s perspective, and highlights how the product can be configured to automate
best practice controls. Oracle Fusion Advanced Financial Controls Cloud Service is designed to
meet the common needs of Oracle Financials Cloud subscribers. Based on learning from a decade
of customer experience, this session showcases Oracle’s best practice business process for
maximum ROI with minimum cost of ongoing operation.
PANEL SESSION
Sep 22, 12:00 PM – 12:45 PM | Moscone West 3005
Get Started with Financial Reporting Compliance and Advanced
Financial Controls
[CON7284]
Barry Greenhut, Director, Product Strategy, Oracle
Lakshmi Rajamohan, Principal Product Strategy Manager, Oracle
Joel Alvarado, Customer Success Manager, Oracle
This session provides you with the most effective project plan to implement Oracle Financial
Reporting Compliance or Oracle Fusion Advanced Financial Controls Cloud Service. Participants
will learn the shortest and most cost-effective path to success using Oracle’s customer and
partner-tested “get started” process. Learn how to plan and adopt these cloud services, and then
sustain your use through growth and change. Learn how to get the experience and expertise
needed to succeed.
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 For subscribers and partners
To Learn More about Best Practices
Modern Best Practice Oracle University Go-To Partners
Get Started Customer Connect 
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Success Managers 

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To Learn More about Risk Management Cloud
Cloud Portal Release Readiness User Documentation
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Go-To Partners
Success requires experience and expertise
– get both from our Go-To Partners:
• Guide process owners & participants
through adoption of Best Practice Processes
• Configure software for effective long-term
success: Minimum cost of operation,
Maximum flexibility to adapt to change
To learn more and get connected, contact
your Oracle Success Manager
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