Monitor Configuration Changes in Oracle ERP Cloud
Monitor Configuration Changes in Oracle Cloud ERP to control Process Risks
Many businesses are moving their on-premises applications to Oracle ERP Cloud to reduce costs, improve agility, and increase efficiency - adopting the modern digital business model.
Oracle delivers regular updates every 90 days to Oracle ERP applications, which requires customers to ensure that all the configuration changes that control security and business processes enabled in Oracle Cloud remain effective. For example, if a new privilege grants the user the ability to change supplier bank accounts, who are already entitled to approve supplier payment, the risk of financial misstatement or fraud could materialize. Furthermore, if Cloud ERP administrators or external consultants update a configuration such as Payable Options to ensure the Procure to Pay process controls after effective after the 90 days update, any changes to the configuration must be reviewed for accuracy. Auditors may demand a change history of all key configurations to ensure effective controls over significant processes enabled.
SafePaaS has cataloged all 500 configurations for Oracle Cloud ERP that can be selected for monitoring risks across all significant business processes. (For the complete list "Cloud ERP configuration catalog", please contact us)
When a change is made to a configuration object, SafePaaS sends real-time workflow alerts to the process and control owners to approve, reject or prevent the change. These alerts allow businesses to be proactive and respond to risk events in a timely manner – preventing financial, IT and operational risks.
A British multinational information technology consulting company headquartered in Cambridge, England and listed on the London Stock Exchange, has recently deployed configuration and master data monitoring controls for Oracle Cloud ERP to control process and data risk allowing them to:
- Save time and increase efficiency
- Meet regulatory and audit requirements
- Reduce time preparing for an audit
- Lower risk of audit findings
Read more about how MonitorPaaS™ helps you reduce risk.