SOURCE: Oracle Corporation

Oracle Corporation

September 25, 2014 08:00 ET

Pennsylvania Treasury Makes Innovative Use of Oracle GRC Applications in Pre-Transactional Auditing Process

State Treasury Wins Oracle Governance, Risk, and Compliance Innovation Award

REDWOOD SHORES, CA--(Marketwired - Sep 25, 2014) - Oracle (NYSE: ORCL)

News Summary
Pennsylvania (PA) Treasury recently implemented Oracle Governance, Risk, and Compliance (Oracle GRC) in an attempt to improve audit controls over its payment process by using advanced audit algorithms prior to processing billions of dollars in payments. This new platform is designed to enable the PA Treasury to expand upon its existing fiscal review processes, which seek to identify and prevent error, waste, and fraud. The solutions will help the PA Treasury audit every transaction, which is expected to increase the annual savings the Treasury realizes for taxpayers. Given the impact, scale, and proactive approach, PA Treasury has been selected to receive the new Oracle GRC Innovation award, which will be presented at Oracle OpenWorld 2014 in San Francisco.

News Facts

  • The Pennsylvania (PA) Treasury has completed a major financial transformation project using Oracle Governance, Risk, and Compliance (Oracle GRC) and Oracle's PeopleSoft Financials to automate significant components of its payment and fiscal review processes.
  • The project replaced the agency's legacy payment systems with Oracle solutions and was completed on time and under budget.
  • Oracle GRC automates advanced financial controls across the PA Treasury's payment process to help prevent errors, waste, misuse, and fraud. The department processes more than 30 million transactions worth more than $75 billion yearly based on recent past fiscal year transaction volumes.
  • The PA Treasury's innovative use of Oracle GRC is expected to help the department increase the average annual savings realized through its pre-transactional audits. Over the past four fiscal years, the department has saved an average of $100 million annually in erroneous payments. Oracle GRC will automatically flag erroneous payments in Oracle's PeopleSoft Financials as suspicious. PA Treasury can then use the savings toward strategic projects and programs.
  • PA Treasury has won the Oracle GRC Innovation award for this industry-first solution. The deployment was chosen over several strong nominations because of the uniqueness of the business case, the degree of innovation, and the overall impact of the transformational project. Experts from Oracle and PA Treasury will present the highlights of the project as part of the Oracle GRC General Session at Oracle OpenWorld 2014, September 28 through October 2 in San Francisco.
  • Oracle GRC solutions have helped many organizations deploy advanced controls to manage enterprise-wide application security, configurations, and transactions as well as document and assess their internal controls over critical business processes. Oracle GRC uses big data techniques such as graph searches and patterns to detect duplicate, split, and other unusual payments with a high degree of accuracy.

Supporting Quotes

  • "The Pennsylvania Treasury's groundbreaking use of Oracle GRC and Oracle's PeopleSoft to stop financial leakage is paving the way for other organizations to improve profits, strengthen internal controls, and provide a modern platform to meet the recent update to the COSO [Committee of Sponsoring Organizations of the Treadway Commission] framework. For these reasons, we are delighted to present the Oracle GRC Innovation award to the Pennsylvania Treasury," said Sid Sinha, senior director, Oracle GRC Product Strategy.
  • "We saw an innovative opportunity to use Oracle GRC in our fiscal review process that, we believe, will help us to improve our pre-transactional auditing capabilities," said PN Narayanan, chief information officer, Pennsylvania Treasury. "We believe this solution will give our fiscal review team advanced tools to perform their jobs more efficiently and adapt to changing requirements more quickly."

Supporting Resources

About Oracle OpenWorld
Oracle OpenWorld San Francisco is the most important business and technology conference of the year for Oracle customers, prospective customers, and partners. This educational conference is dedicated to helping businesses optimize existing systems and understand upcoming industry trends and breakthroughs driven by technology. Oracle OpenWorld offers more than 2,500 educational sessions, hundreds of demos and hands-on labs, and exhibitions from more than 400 partners and customers from around the world showcasing applications, middleware, database, server and storage systems, industries, management, cloud, and infrastructure solutions -- all engineered for innovation. Oracle OpenWorld 2014 is being held September 28 through October 2 at the Moscone Center in San Francisco. For more information; to register; or to watch Oracle OpenWorld keynotes, sessions, and more, visit www.oracle.com/openworld. Join the Oracle OpenWorld discussion on Twitter, Facebook, and the Oracle OpenWorld blog.

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