A day in the life of an Oracle Applications Consultant

Friday, February 10, 2006

Oracle Announces New Releases of Internal Controls Manager and Financial Consolidation Hub

I’ve been interested in Internal Controls Manager ever since the first release and like what Oracle is doing with it. Apparently they now have about 250 customers using ICM.

Oracle Financial Consolidation Hub version 2 is available now whilst Oracle Internal Controls Manager version 5 is scheduled to be generally available in 2006.

According to the Press Statement:

The new versions will help to ensure the quality and transparency of financial information across the enterprise by integrating the preparation of financial statements with the periodic evaluation of a company’s internal controls.

Finance teams have traditionally managed consolidation and reporting separately from compliance certification efforts. This meant that finance teams had to report financial results without complete knowledge of the risks, mitigations, and audit tests that lay behind each financial statement line item, or finance teams had to track these relationships manually. In the latest release, Oracle Financial Consolidation Hub introduces full integration with Oracle Internal Controls Manager to converge financial reporting and compliance certification processes. Oracle’s corporate performance and compliance management applications are built on a single analytic platform, which provides the framework necessary for consistent processes and certification across disparate source systems. The single data model delivers greater visibility and helps increase confidence in financial results by presenting consolidated global financial results with related risks and mitigations.