Oracle has announced enhancements to its Internal Controls Manager and Financial Consolidation Hub software to help companies comply with regulations such as Sarbanes-Oxley.
The modified applications are part of the Oracle E-Business Suite 11i and support financial data aggregation and analysis via dashboard interfaces.
The Financial Consolidation Hub takes in and cleans up data from disparate sources, providing a single global view of a company’s finances. The Internal Controls Manager helps users document and test internal financial-control processes and monitor legal compliance.
The two applications are to be linked together to offer a single platform for reporting and compliance certification. In addition, the Controls Manager tool can now use Oracle’s Daily Business Intelligence capabilities.
Daily Business Intelligence is a set of analytical capabilities embedded in the E-Business Suite’s modules, and can deliver real-time information to executives.
As part of the upgrade, the Controls Manager software will also come with 20 pre-built templates to assist in internal reporting. Company auditors can use the templates to craft reports quickly in PDF format. Because reports can be saved as PDFs, they can be easily shared with external auditors.
Oracle Internal Controls Manager version 5 is scheduled to ship later this year. The Financial Consolidation Hub version 2, with a number of its own reporting enhancements, is available now.