ORCL: Oracle Embeds COBIT 4.0 With Oracle Internal Controls Manager

Oracle today announced that it will bundle, at no additional cost, the Control Objectives for Information and Related Technology (COBIT) 4.0 framework with Oracle(r) Internal Controls Manager, a compliance management tool used to document, test and certify internal controls and monitor ongoing compliance. Oracle plans to provide customers with a single application that manages compliance control requirements for Information Technology (IT). The packaged offering of Oracle Internal Controls Manager with COBIT, the IT governance public domain framework and the most widely adopted standard for IT controls and auditability under the Sarbanes-Oxley Act, extends Oracle's compliance offerings by delivering a comprehensive compliance management control set-up and IT administration framework.
Aligning Compliance Efforts: Oracle Delivers Direct Access to COBIT 4.0
Previously, companies had to create separate connections between the control frameworks in IT and finance. COBIT gives users a single connection and allows them to implement best practices in application and general IT controls while enabling them to meet the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework control objectives are met. By partnering with the Information Systems Audit and Control Association (ISACA) and members of the global IT audit industry to embed COBIT 4.0 in Oracle Internal Controls Manager, Oracle is able to offer users direct access to the premier comprehensive risk and audit control framework for IT processes. COBIT emphasizes regulatory compliance, helping organizations increase the value attained from IT and simplifying the implementation of the COBIT framework. Additionally, it presents activities in a streamlined and practical manner that facilitates continuous improvement in IT governance.

"Companies need to align best practices in IT management with the business to achieve more efficient operations," said Oracle Group Vice President of Application Strategy Chris Leone. "We continue to recommend that enterprises use COBIT to bolster their IT governance procedures and to improve the controls they have in place. Bundling COBIT with Oracle should enable enterprises to detail control objectives and monitor for compliance consistency without additional costs or integration."

The new bundled package provides a structure and presentation that is easy to understand and use across the organization. Information-technology managers can evaluate IT content needs for a Sarbanes-Oxley Section 404 audit. At the same time, enterprises are now equipped to communicate IT compliance requirements successfully across business and IT departments.

In COBIT 4.0, the inclusion of core content, process mappings and cross-references supports a financial controls product that is superior to previous versions with a structure for communication between IT, management and accounting. The core content is organized according to 34 IT processes including a high-level control objective, a process description summarizing its objectives, information criteria and IT resources, management guidelines, the process inputs and outputs, a RACI (responsible, accountable, consulted and/or informed) chart, goals and metrics and the maturity model for a process.

"Improving the coordination between IT and business units to help achieve and maintain compliance is an ongoing challenge," said Kathleen Wilhide, Research Director, Compliance and BPM Solutions, at IDC. "Bundling COBIT 4.0 with Oracle Internal Controls Manager provides a structure for addressing general computer controls as required by regulations such as Sarbanes-Oxley, and fills gaps and adds clarity for the user. The addition of COBIT will ultimately enable a better managed IT processes department and help with enhanced compliance and visibility and risk management capabilities maintenance."