Oracle has announced a set of applications to help support corporate risk management and financial reporting compliance procedures.
The new Governance, Risk Management and Compliance (GRC) suite combines business intelligence capabilities in some Oracle-developed products with the compliance management and enterprise content management tools acquired when it bought Stellent last November.
GRC will expand considerably on the compliance-support capabilities in Oracle's E-Business Suite 11i software by supporting both Oracle and non-Oracle applications, said Folia Grace, vice president of applications marketing at Oracle.
The suite includes Oracle Fusion GRC Intelligence, which provides an out-of-the-box dashboard along with reporting capabilities and Oracle Governance, Risk and Compliance Manager, which monitors business risks, automatically highlights potential weaknesses and initiates corrective actions. The suite also includes Application Configuration Controls, which can monitor 500 control processes in the Oracle E-Business Suite and help enforce corporate policies.
Aaron Sager, manager of business systems at ViaSat, a provider of satellite and wireless equipment, said he plans to use the suite to automate efforts to comply with the the US Sarbanes-Oxley Act.
ViaSat currently uses the Oracle Internal Controls Manager in E-Business Suite 11i to ensure compliance with US federal requirements for creating corporate financial controls. The Internal Controls Manager is used to support documentation and compliance procedures.
Sager said that he hopes that GRC Configuration Controls will allow ViaSat to establish a set of rules and ensure that they are enforced. The tool promises to send out alerts if the rules are violated, said Sager.
For instance, ViaSat might have an accounts-payable policy for transactions that says a purchase order has to be within a certain percentage of the amount of the invoice. If someone changed this policy, an alert would be sent to the appropriate employee, and the change could be prevented, he said.
ViaSat plans to start rolling out the new Oracle software later this year. All products in the GRC suite will be available later this year. Pricing starts at $995 per user.