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Governance, Risk, and Compliance (GRC) with SAP S/4HANA Cloud Public Edition 2402

KatrinDeissner
Product and Topic Expert
Product and Topic Expert
‎02-05-2024 1:32 PM

Hello and welcome to the release highlights for Governance, Risk, and Compliance (GRC) with SAP S/4HANA Cloud Public Edition 2402. This blog contains selected highlights from SAP Risk and Assurance Management (formerly known as SAP Financial Compliance Management), SAP Document and Reporting Compliance, and SAP Cloud Identity Access Governance along with their business benefits and deep-dive system demos.

To get a quick overview of our SAP S/4HANA Cloud Public Edition 2402 highlights for Governance, Risk, and Compliance (GRC), watch this 4-minute video:

 

 

Topics of Covered in this Blog

  • Expert Talk: Empower the Intelligent, Sustainable Enterprise with SAP Finance & Risk – 2023 Update

  • SAP Risk and Assurance Management (formerly known as SAP Financial Compliance Management)
    • Integrated Risk Management
    • Additional Assurance Activity Type in Control Management
    • Automated and Manual Grouping and Ungrouping of Issues
    • Preconfigured internal control framework for medium-sized companies
  • SAP Cloud Identity Access Governance
    • Support for Multiple Rulesets in Access Analysis
  • SAP Document and Reporting Compliance
    • Streamlined Communication with Authorities with SAP Document and Reporting Compliance
    • ​Simplified Review and Clearing of Withholding Tax Items for Reporting
    • Early Adopter: Enablement of Sales and Use Tax Reporting for the United States through SAP Document and Reporting Compliance
  • SAP S/4HANA for International Trade
    • Ability to Suppress Output from a Sales Order in Case of Trade Compliance Blocks in SAP Global Trade Services
    • Produce and Sell Standard Products - Inventory Management

If you  are interested in innovations for Finance, please refer to the blog 'Finance in SAP S/4HANA Cloud Public Edition 2402' from UIrich Hauke. 

 

Expert Talk: Empower the Intelligent, Sustainable Enterprise with SAP Finance & Risk – 2023 Update

If you are interested in SAP's strategy on how to empower the intelligent, sustainable enterprise with SAP Finance & Risk in a 2023 update, check out this expert talk video with Yannick Peterschmitt, Ulrich Hauke, Christoph Ernst and myself: 

Video 1: Expert talk video on how to empower the intelligent, sustainable enterprise with SAP Finance & Risk - 2023 update

 

SAP Risk and Assurance Management (formerly known as SAP Financial Compliance Management)

SAP Risk and Assurance Management is integrated with SAP S/4HANA Cloud, public edition and provides you with the tools to become compliant with internal controls, laws, and regulations that apply to your organization. The solution enables you to document your internal controls framework and manage potential risks to your organization, as well as develop and monitor checks put in place to ensure compliance.

Integrated Risk Management

We enhance the core compliance functionalities with a comprehensive risk management framework to outline purpose and benefit of each control, and to provide transparency to the overall process health and compliance.

Value Proposition

  • Enable customers to set up and maintain risk information in financial compliance
  • Empower customers to continuously update risk information and quickly identify risk areas
  • Provide the overview of the risk and control matrix to customers

Capabilities

  • Leverage existing controls in your risk-mitigation response
  • Add existing risks to controls and, thereby, leverage control for risk mitigation
  • When risk attributes, such as risk level, validity, and status, are updated, display the corresponding changes in controls

If you are interested in a system demo of the new risk management functionality, check out this video:

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Video 2: Integrated Risk Management with SAP Risk and Assurance Management

For more information, see: GRC Risk Service in SAP FCM

 

Additional Assurance Activity Type in Control Management

With the concept of assurance activity types, the solution allows customers to establish a 3 lines of defence concept  (perform, test and assess control).

Value Proposition

  • Complete holistic approach for compliance by adding control assessments to control-related compliance activities
  • Enable compliance officers to collect information to assess completeness and maturity of the implemented control framework
  • Assist management and compliance teams for monitoring or identifying control unidentified weaknesses and risks

Capabilities

  • Support control assessments as new assurance activity type for controls
  • Support survey-based assessment on controls and provide rating of control assessment
  • Generate issue in case control assessment rating is deficient or significantly deficient

If you are interested in a system demo of the control assessment functionality, check out this video:

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Video 3: Three lines of defense concept thanks to introduction of third assurance activity type 'Control Assessment' in SAP Financial Compliance Management

For more information, see: Assurance Activity

 

Automated Grouping and Ungrouping of Issues

Issue grouping complements the capabilities to manage issues and run remediation activities in more more advanced.  ​

Value Proposition​

  • Automatic grouping of issues based on configurable grouping rules​
  • Manual group and ungroup of issues based on business decision​
  • Group issues cross data sources​

Capabilities​

  • Streamline issue processing by addressing similar findings with less issues enabled through automatic issue grouping ​
  • Optimize issue processing by manual grouping and ungrouping of issues to​
  • Bundle issues according to business needs​
  • Split issue items in case they need separate processing​
  • Address same defect at multiple business documents with one issue​
  • Address multiple defects at the same business document with one issue

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​Fig. 1: You can automatically and manually group and ungroup issues in SAP Financial Compliance Management

For more information, see: 

 

Preconfigured Internal Control Framework for Medium-Sized Companies

The solution comes with a predefined internal control framework which has been extended with additional focus areas such as Environmental, Social and Governance (ESG) and Human Rights Due Diligence for Suppliers in Risky Countries. In addition, a new control around Supplier Duplicate Invoices with additional flexible logic was provided.​

Value Proposition​

  • Empower the CFO and the head of finance with ready-to-run internal controls​
  • Minimize the effort of building your financial compliance management framework​

​Capabilities​

  • Use out-of-the-box business content, such as predefined controls​
  • Addition of internal controls for new focus areas such as ESG and Human Rights Due Diligence

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Fig. 4: Additional preconfigured controls in new focus areas such as ESG and Human Rights Due Diligence​

For more information, see: Business Content for SAP Financial Compliance Management

​

SAP Cloud Identity Access Governance

 

Support for Multiple Rulesets in Access Analysis

SAP Cloud Identity Access Governance now has the capability to assist in meeting external audit standards through the support of multiple rulesets. These rulesets can be employed to simplify the external auditor's independent assessment, such as evaluating location-specific Segregation of Duties (SoD) rulesets for employees assigned to specific locations. Additionally, users have the option to define multiple customized rulesets for conducting further analyses.

Value Proposition

  • Make comprehensive and thorough assessments of various types of risks and scenarios
  • Have flexibility and adaptability to apply different rules within specific contexts
  • Allow external auditors to maintain independent evaluations by enabling them to use their own rules

Capabilities

  • Evaluate and manage risks in different contexts by leveraging multiple rule sets to define and apply various sets of rules, criteria, or frameworks
  • Address specific needs through customization using the rule sets; for example, meet the unique risk considerations of different departments or units within an organization

 

If you are interested in a system demo of the multiple ruleset functionality, check out this video:

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Video 4: Support for Multiple Rulesets in Access Analysis in SAP Cloud Identity Access Governance

For more information, see: Rulesets

 

SAP Document and Reporting Compliance

Streamlined Communication with Authorities with SAP Document and Reporting Compliance

Increasing complexity driven by regulations requiring integration with local authorities for electronic documents, statutory reports, validation of VAT registrations and more. SAP Document and Reporting Compliance, cloud edition provides a single channel for all submissions across countries and processes, that can be easily activated and managed leveraging the new scope item 78L.

Value Proposition

  • Easy to use and simple to configure
  • Faster implementation of legal changes / new reporting requirements
  • Simplify IT landscape and reduce total cost of ownership
  • Manage your integrations to tax authorities within your global SAP BTP account

Capabilities

  • Electronic exchange of invoices for Israel and more planned in the roadmap.
  • Electronic submission of statutory reports
  • One API-based integration between SAP S/4HANA Cloud, Public Edition and SAP Document and Reporting Compliance, cloud edition scalable across countries and scenarios
  • Seamless activation per country

2402_Document and Reporting Compliance_02.png

Fig. 2: Streamlined communication with authorities with SAP Document and Reporting Compliance

For more information, see: Integrating the Cloud Edition with SAP S/4HANA Cloud

 

Simplified Review and Clearing of Withholding Tax Items for Reporting

  • As part of withholding tax reporting, withholding tax items need to be reviewed and cleared to create a payable document to the authorities
  • Review of withholding tax items to be settled to the authorities
    • User-friendly preview of documents to be settled
    • Confirmation of items to be settled to authorities
  • Automated clearing of withholding tax items confirmed and creation of payable documents to authorities
  • Creation of withholding legal reports based on cleared items

If you are interested in a system demo of the functionality for withholding tax items, check out this video:

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Video 5: Simplified Review and Clearing of Withholding Tax Items for Reporting with SAP Document and Reporting Compliance

 

Early Adopter: Enablement of Sales and Use Tax Reporting for the United States through SAP Document and Reporting Compliance

Please note the following functionality is currently only available for early adopter customers:

Functionality:

  • Integration with partner solutions to enable sales and use tax reporting for United States through SAP Document and Reporting Compliance and standardize tax reporting worldwide
    • Definition and mapping of entities from partner solution
    • Seamless replication of transactional data
  • Generation and review of legal file using ‘Run Statutory Reports’ application in SAP S/4HANA Cloud
  • Output files retrieved from partner solution and managed centrally (same solution of all other countries)
    • User-friendly preview of tax data
    • Download of ready-to-upload-file
  • Central monitoring of all deadlines for statutory reporting

If you are interested in a system demo of the functionality for the enablement of sales and use tax reporting for the U.S. through SAP Document and Reporting Compliance, check out this video:

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Video 6: For early adopters: Sales and Use Tax Reporting for the U.S. with SAP Document and Reporting Compliance

 

SAP S/4HANA for International Trade

Ability to Suppress Output from a Sales Order in Case of Trade Compliance Blocks in SAP Global Trade Services

Value Proposition

  • Help ensure that follow-on functions can be suppressed to stay legally compliant

Capabilities

  • Provide the ability to suppress output as a follow up action in sales orders when the document is blocked by trade compliance functionality in SAP Global Trade Services (GTS)

 

Produce and Sell Standard Products - Inventory Management

We have added the possibility to include legal control checks for compliance with the international trade regulations during the sales order creation process. In a follow-up step you can analyze and resolve the blocked documents. After the completion of the sales cycle, we have added the option to trigger an Intrastat declaration for the EU-wide business.

 

Meanwhile, don’t hesitate to leave a comment and check out our new community page to ask your questions and engage with the experts. Follow the PSCC_Enablement tag to stay up to date with our latest blog posts.

Follow us on @SAP and #S4HANA, and myself on LinkedIn and X.

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️Watch Our Live Sessions

This month, we hosted a series of 19 compelling live sessions to highlight the exciting innovations shipped with the SAP S/4HANA Cloud Public Edition 2402 release. Missed the live sessions? No problem! Take advantage of the entire series or pick and choose the sessions most relevant to you on demand.

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️ Inside SAP S/4HANA Cloud

There is no customer success without project success and product success! Leverage the unique knowledge and expertise of SAP S/4HANA Cloud experts, partners, and customers, sharing their SAP S/4HANA Cloud implementation project best practices and lessons learned – anywhere, anytime. In this podcast, we give you all ingredients to get to the next level and make your SAP S/4HANA Cloud project a success. Subscribe now and benefit from the shared knowledge!

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openSAP Microlearnings for SAP S/4HANA Cloud

Our openSAP microlearnings for SAP S/4HANA Cloud offer an exciting new learning opportunity. What began with a small batch of 20 videos, has now become a channel with more than 50 microlearnings that have generated over 20,000 views. Today, we cover multiple lines of business such as finance, manufacturing, and supply chain management, and key technology topics like Master Data Management, extensibility, SAP User Experience, and upgrade management. We are continuously adding new microlearnings to our channel, so make sure you check them out.

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️ Your Voice Matters

You want to learn more and actively engage with SAP subject matter experts on SAP S/4HANA Cloud topics? We have just the right place for you! Join our interactive community where we bring together customers, partners, and SAP experts with a clear mission: To engage with one another about best practices and product solutions. We invite you to explore the ‘one-stop shop’ as the central place for all resources, tools, content questions, answers and to connect with experts who will guide you through your journey to the intelligent, sustainable enterprise.

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Find All of Our Assets

SAP S/4HANA Cloud is the foundation of the intelligent, sustainable enterprise and is an innovative, robust, and scalable ERP. We at Cloud ERP Product Success and Cloud Co-Innovation offer a service as versatile as our product itself. Check out the numerous offerings our team has created for you by clicking on the image below:

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