Advanced Financial Controls (AFC) Cloud Service enables continuous monitoring of all expense and payables transactions in Oracle ERP Cloud, for potential cash leakage, violation of internal policies, process inefficiency, and fraud. It replaces inefficient manual audit and sampling practices with automated controls to identify and remediate incidents. Organizations can deploy best-practice controls to upgrade their processes or graphically author custom controls to suit their needs. They can eliminate ad hoc data scripts and disjoint processes that are inefficient and vulnerable to data leaks, replacing them with a secure solution embedded within the Oracle ERP Cloud
Protect against Fraud, Error and Policy Violations Significant value can be realized by auditing all expense and vendor payments before they are processed. In fact, “Certified Fraud Examiners (CFES) estimate the typical organization loses 5% of annual revenue to fraud” and in cases of Asset Misappropriation the median loss was $125,000 per scheme. AFC uncovers hidden value by systematically scanning ERP Cloud data to help you detect and prevent inappropriate or suspicious transactions that violate internal controls. It introduces automation, which further tightens control by monitoring transactions continuously. This removes significant time and resource constraints, and errors inherent in manual sampling techniques and audits.
AFC helps organizations:
- Prevent Cash Leakage – by identifying missed opportunities due to inefficient processes, inadvertent human errors, and willful fraud
- Improve Governance – by continuously monitoring for violations. For example, an employee who disguises purchases greater than her approval level by submitting several smaller requisitions within her approval level is identified and stopped, deterring future attempts at similar or worse rogue behavior.
- Detect Potential Issues Early – by auditing transactions before commitment. Organizations can save millions in losses and wasted recovery resources.
- Optimize Business Processes – by identifying groups of exceptions due to issues such as unclear policies or inadequate training, and addressing them. For example, employees may mis-categorize expenses and set off alerts for additional scrutiny, causing delays.
- Defend Against Insider Threats – such as abuse of super-user privileges or violation of segregation of duties.
K E Y F E A T U R E S
- Continuously monitor financial transactions
- Pre-built Best Practice Controls for Payables and Expenses Processes
- Graphical Workbench for business users to author and configure controls
- 1,300+ Financials / ERP Cloud transaction attributes available to configure controls
- Role-based remediation of transaction incidents supported by worklists, notifications
- Integration with Financial Reporting Compliance Cloud Service
- Embedded dashboard with analytics and reporting
