How an E&P company reduced risk to save thousands - SafePaaS

How an E&P company reduced risk to save thousands

Exploration and Production Company

Learn how one of our clients implemented SafePaaS to reduce and mitigate risk ultimately saving them thousands of dollars.

Key Facts about Client

  • An S&P 500 company.
  • In addition to US properties, both onshore and in the deep water Gulf of Mexico, the company has operations in West Africa, Israel, The North Sea, Ecuador and China.

Challenges

  • Reviews of Segregation of Duties time consuming and inefficient.
  • Current internal control testing is sample based look backs versus real time monitoring reviews.
  • Many of the controls the company relies on for internal control purposes are detective and manual rather than preventative and automated.
  • Changes to Oracle forms and fields require significant knowledge of Oracle system and input from expert users or IT resources.
  • The ability to monitor changes to critical application settings is difficult.
  • Current capabilities to monitor change and identify transaction anomalies are limited.

Results

  • Replaced external audit SOD reports with internal Segregation of Duty Controls detection, prevention and monitoring process in Oracle E-Business Suite and P2ES applications.
  • Enabled Change Controls detection, prevention and monitoring process.
  • Detected and prevented suspicious transactions in multiple enterprise apps.
  • Integrated GRC data into a single global system for all audit and compliance management activities.
  • Streamlined and automated risk assessment, control testing and process certification process through workflows.
  • Automated controls testing, track issues and actions using workflows.
  • Provided management visibility into consolidated GRC activities via dashboards and report.