Oracle launches new AI-based risk management solution

To help protect customers from fraud and security threats, Oracle has launched a new AI-driven risk management solution.

Oracle Risk Management Cloud’s new Advanced Access Controls enable organisations to continuously monitor for segregation of duties (SOD), financial compliance (SOX), privacy risks, proprietary information and payment risks.

The new controls embed self-learning and artificial intelligence (AI) techniques to constantly examine all users, roles and privileges against a library of active security rules. It includes more than 100 best practices (configurable rules) across general ledger, payables, receivables and fixed assets.

“As the pace of business accelerates, organizations can no longer rely on time-consuming manual processes, which leave them vulnerable to fraud and human error,” said Laeeq Ahmed, managing director at KPMG. “With adaptive capabilities and AI, products such as Oracle Risk Management Cloud can help organizations manage access controls and monitor activity at scale to protect valuable data and reduce exposure to risk.”

The pre-packaged audit-approved security rules automate access analysis during the role design phase to significantly accelerate ERP implementations. It also claims to make it easy to add new rules and further optimise user access. Once live, the solution continuously monitors and automatically routes incidents to security analysts.

To help customers analyse complex, Advanced Access Controls uses graph-based analysis and self-learning algorithms. This enables organizations to accurately and reliably review and visualize the entire path by which any user is able to access and execute sensitive functions.

“On-going disruption in the marketplace and regulatory landscape presents continually evolving operational and financial risks,” said Bill Behen, principal at Grant Thornton. “Oracle’s unique approach to risk management and expertise applying AI technology enables organizations to securely move to the cloud and continuously protect their business from a host of external and internal threats.”

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