Oracle (news, site) has gone beyond their regular Governance, Risk and Compliance Suite with the release of a new platform and updated Enterprise GRC Controls. The tools aim to complete the cycle by providing integration, automation and the consolidation of activities under one big umbrella.
Oracle Enterprise GRC Manager is built on Oracle's Fusion Middleware 11g stack. The platform allows administrators to embed accountabilities for risk management and control across an enterprise. Because it's a single system used for many activities, the company expects that related tasks are well on their way to being more efficiently executed and managed, as well as a resulting reduction in auditing costs.
Meanwhile, the updated Oracle Enterprise GRC Controls are responsible for keeping an eye out for violations. The detective of the bunch, Oracle Enterprise Transaction Controls Governor, uncovers suspect transactions, and Oracle Application Access Controls Governor graphically detects segregation-of-duties conflicts and advises on issues, remediation plans and potential impact.
"For many organizations, the greatest GRC challenge is creating a consolidated view of compliance, risk and internal controls," said Chris Leone, group vice president of Oracle applications development. "Oracle Governance, Risk, and Compliance application suite addresses this challenge by providing a complete, open, and integrated platform that provides the flexibility needed to efficiently and intelligently manage GRC programs."
Demand for Transparency
The reason behind the change? "Customers are asking us to reach into different risk areas beyond financial governance," explained Leone. "Executives want more transparency associated with their businesses, be it IT governance, supply chain or other people-oriented risks."
On board with this idea is IDC, who predicts that storage services alone will rise in annual sales from US $31 billion to an estimated US$ 40 billion by 2012.
For more information on Oracles expansion efforts, visit them here.