Risk Monitoring & Mitigation Strategies for Oracle Cloud ERP Implementations: A Governance Framework for Risk Control
DOI:
https://doi.org/10.63282/3050-9246.IJETCSIT-V3I4P112Keywords:
Oracle Cloud ERP, Risk Management, IT Governance, Cloud Computing, Enterprise Systems, Risk Mitigation, Project Management, Information Systems SecurityAbstract
Enterprise Resource Planning (ERP) is highly essential in the contemporary operations of an organization due to the end-to-end integration of business processes, additional development of data transparency, and strategic decision-making. Oracle Cloud ERP has been a significant solution in the market of modern-day ERP solutions because of its scalability, security, and cloud service. Nevertheless, the technicality of the cloud-based ERP implementations presents a substantial level of operational, technological, financial, and organizational risks. Poor risk management practices tend to cause project extension, over-run, breach of data security and poor performance of system. The paper will present a detailed governance system that can be used to monitor and control risks related to Oracle Cloud ERP implementation. The paper is a synthesis of the literature which is available on ERP risk management, cloud governance, and enterprise IT controls to determine significant risk categories and control mechanisms. An organized approach to risk identification, assessment, monitoring and mitigation is built up and justified by conceptual analysis and simulated case situations. The offered framework focuses on multi-layer regulation, ad hoc management, responsibility, and commitment among the stakeholders and alignment to organizational goals. The quantitative risk assessment models and qualitative control procedures are included to help in up-stream situations such as decision making. Findings indicate that the framework helps to increase the stability of implementation, compliance, and operational disruption. This study is important to the literature on ERP governance in that it provides a methodical and scalable way of addressing risk in the running of cloud-based enterprises. The results are likely to help healthcare practitioners, consultants, and policymakers to enhance the success of the Oracle Cloud ERP initiatives.
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