Advancing ERP System Integrity in the Global Energy Sector

A globally recognized leader in the energy and utility sector, this company specializes in power generation and desalinated water plants. Boasting a portfolio across 12 countries, it manages multi-billion-dollar investments, generating substantial power and water resources. The company is known for prioritizing local employment, with a significant portion of its workforce being local hires.

Business Challenges

The company faced considerable challenges in monitoring user access and mapping risks within their ERP system. This issue hampered their ability to detect fraudulent activities, leading to potential revenue losses. Manual analysis using Excel sheets pinpointed application security and audit workflow as key risk areas, with difficulties in managing user access heightening concerns over possible fraud due to elevated user privileges.

Solution

In response, the company implemented Oracle Risk Management Cloud. This comprehensive solution included:

• Oracle Advanced Access Controls (AAC) for ongoing user access monitoring and enforcing Segregation of Duties.
• Oracle Advanced Financial Controls (AFC) for overseeing transactions and configurations.
• Oracle Financial Reporting Compliance for digitizing the risk register and enhancing business continuity processes.

Business Benefits

The implementation led to the creation of an adaptable risk and control repository, automated risk assessments, and enhanced accuracy in control evaluation processes.

Results

Post-implementation, the company experienced a transformative change in its ERP system management:

• Enhanced Security and Compliance: The Oracle Risk Management Cloud significantly strengthened the company's ERP system security, ensuring compliance with industry standards and reducing the risk of fraud.
• Operational Efficiency: The automation of risk assessments and control evaluations streamlined operational processes, saving time and resources.
• Improved Decision-Making: With better visibility into user access and control mechanisms, the company could make more informed decisions, enhancing overall business strategy and performance.
• Increased Stakeholder Confidence: The robustness of the new system increased confidence among stakeholders, including investors and regulatory bodies, in the company's risk management capabilities.

The successful implementation of Oracle Risk Management Cloud not only addressed the immediate challenges but also positioned the company as a forward-thinking player in the global energy sector, committed to maintaining the highest standards of ERP system integrity and operational excellence.

Conclusion 

In conclusion, this pioneering journey in the energy and utility sector demonstrates how embracing innovative solutions like Oracle Risk Management Cloud can revolutionize ERP system management. By enhancing security, automating risk assessments, and improving operational efficiency, the company has not only overcome its immediate challenges but has also reinforced its commitment to operational excellence and integrity on a global scale. This strategic advancement sets a new benchmark in the industry, showcasing the critical role of advanced technology in shaping the future of power generation and water desalination operations.