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Skechers fashions a winning audit strategy with Oracle Cloud

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class="rh04 rh04v1 rw-theme-10bg bgimg" data-trackas="rh04" data-ocomid="rh04" data-a11y="true" data-bgimg="https://www.oracle.com/a/ocom/img/rh04bg-08.png"><div class="rh04w1 cwidth"><div class="rh04w2"><figure class="rh04hero"><div class="bgimg" data-bgimg="https://www.oracle.com/node/oce/storyhub/prod/api/v1.1/assets/CONT6B2C437658694624B8E14A90BAFC348E/native/skechers-hero-banner.jpg"></div></figure><div class="rh04w3"><div class="rh04w4 rw-neutral-00bg"><div class="rh04bc1"><ol><li><a data-client-link="true" href="/be/index.html">Oracle Belgium</a></li><li><a data-client-link="true" href="/be/customers/">Customer References</a></li></ol></div><header class="rw-ctitle"><h1 class="rwaccent">Skechers fashions a winning audit strategy with Oracle Cloud </h1></header><div class="rh04desc"><!DOCTYPE html> <p>Skechers&rsquo; 10-person audit team uses Oracle Risk Management Cloud to help safeguard the $7.4 billion footwear and apparel company.</p></div></div></div></div><div class="rh04w5"><section class="rc86 rc86v1 rc86static" data-trackas="rc86"><div class="rc86w1 "><div class="rc86social"><div class="rc86label">Share<!-- -->:</div><a href="#" class="sharelink icn-img icn-facebook" data-sharetype="facebook" title="Share on Facebook" aria-label="Share on Facebook"><span></span></a><a href="#" class="sharelink icn-img icn-twitter" data-sharetype="twitter" title="Share on Twitter" aria-label="Share on Twitter"><span></span></a><a href="#" class="sharelink icn-img icn-linkedin" data-sharetype="linked-in" title="Share on Linkedin" aria-label="Share on Linkedin"><span></span></a><a href="#" class="sharelink icn-img icn-email" data-sharetype="email" title="Share on Email" aria-label="Share on Email"><span></span></a></div></div></section></div><div class="rh04w6"><div class="f22 f22v3 cpad" data-trackas="f22" data-ocomid="f22" data-a11y="true"><div class="f22w1 cwidth"><div class="f22w2"><section class="rc39 rc39v2 cpad"><div class="rc39w5 cwidth"><div class="rc39w8 withoutImg"><blockquote><p>“<!-- -->Oracle Risk Management allows me to standardize a lot of my moderate- and lower-risk areas so that my team and I can focus on more meaningful areas and provide value-added audit services to the company.<!-- -->”</p><footer>Ashwat Panchal<!-- -->, <span>Vice President of Internal Audit, Skechers</span></footer></blockquote></div></div></section></div><div class="f22w2 f22sidebar"><section class="rc57 rc57v0 cpad" data-trackas="rc57:products-used" data-ocomid="rc57"><div class="rc57w1 cwidth rw-strip" style="--customstrip:url(https://www.oracle.com/a/ocom/img/rwstrip-stories.png)"><div class="rc57w2"><div class="rc57w3"><h4 class="rw-ptitle">Products list</h4><ul><li><a href="/be/erp/" data-lbl="oracle-cloud-erp-product-detail">Oracle Cloud ERP</a></li><li><a href="/be/erp/risk-management/" data-lbl="risk-management-and-compliance-product-detail">Risk Management and Compliance</a></li></ul></div></div></div></section></div></div></div></div></div></section><section class="rc38 rc38v2 cwidth video" data-trackas="rc38"><div class="rc38w1 cwidth-06"><div class="ytembed ytvideo videoshadow ytthumbnail" data-autoplay="1" data-ytid="NbZmLIqYEaA" data-disablespinner="true"></div></div></section><section class="rc38 rc38v2 cwidth cpad" data-trackas="rc38"><div class="rc38w1 cwidth-06"><h4>Business challenges</h4><div class="rc38descr"><!DOCTYPE html> <p>Founded in 1992, Skechers has grown to a $7.4 billion enterprise with more than 4,500 Skechers stores. Given the diversity and complexity of the company&rsquo;s global operations, the internal audit team focuses on corporate governance initiatives, including management of financial, operational, and regulatory risks.</p> <p>The team is responsible for internal controls over financial reporting, operations audits, digital controls review, enterprise risk management, and fraud risk assessments. As the company grew over the years, the internal audit team was challenged in addressing the risks facing the company.</p> <p>&ldquo;We had a good understanding of our critical business processes, risks, controls, audit programs, and test plans,&rdquo; says Ashwat Panchal, Skechers vice president of internal audit. What was lacking was a way for the small team to gain an immediate understanding of low- and moderate-risk areas so that it could focus on high-risk activities.</p> <p>Skechers sought a cloud-based financial risk compliance system that provided automated access control testing, allowing employees to review risk areas online.</p></div></div></section><section class="rc38 rc38v5 cwidth"><div class="cwidth-06"><p>Skechers must adhere to local regulations as it expands into new regions. Oracle Risk Management helps the company mitigate risk across its entire global business.</p></div></section><section class="rc38 rc38v2 cwidth cpad" data-trackas="rc38"><div class="rc38w1 cwidth-06"><h4>Why Skechers chose Oracle</h4><div class="rc38descr"><!DOCTYPE html> <p>As a longtime Oracle customer, Skechers knew that Oracle could help the company speed up back-office operations, identify and mitigate risk, and ensure that regulatory compliance was consistent and aligned with corporate strategies. Company leaders ultimately decided to adopt <a href="/be/erp/risk-management/">Oracle Fusion Cloud Risk Management and Compliance</a>, part of the <a href="/be/erp/">Oracle Fusion Cloud Enterprise Resource Planning (ERP)</a> suite of applications.</p></div></div></section><section class="rc38 rc38v2 cwidth cpad" data-trackas="rc38"><div class="rc38w1 cwidth-06"><h4>Results</h4><div class="rc38descr"><!DOCTYPE html> <p>After adopting the Oracle Risk Management system, Skechers implemented electronic workpapers and workflow to document audit assessments and track areas for improvement. &ldquo;If we didn't have the product, I'd be on a plane 75% of the time. With Oracle, I'm able to leverage workflow and documentation repositories and testing and be able to review stuff online. I can do it on my phone if I want to,&rdquo; says Panchal.</p> <p>He started the process with a master library of best practices that served as the foundation for the Oracle Risk Management Cloud implementation&mdash;which took weeks, not months or years. Now, getting a new region up and running is simple and can be managed from anywhere. For new regions, Panchal works with the local business unit to determine the high-risk areas and decide how to test and what to test.</p> <p>&ldquo;We now spend our time addressing more meaningful issues&mdash;who are the key competitors in that area, what products are selling, and what are the logistics issues that we're facing in those different countries,&rdquo; says Panchal.</p></div></div></section><section class="rc38 rc38v2 cwidth cpad"><div class="sh-pubdate cwidth-06 rc38w1"><span class="pub-label">Published<!-- -->:</span>November 3, 2023</div></section><section class="rc117 bgimg bgimgw1 rw-neutral-20bg" data-trackas="rc117" data-ocomid="rc117"><div class="bgimg bgimgw2 bgimg-lhalf bgimg-hsize bgimg-lightest" data-bgimg="https://www.oracle.com/a/ocom/img/bgimg02-bgnw-01.png"></div><div class="rc117w1 cwidth"><div class="rc117w2 cwidth-06"><div class="rc117logo rw-logo rw-golden"><img class="" data-src="https://www.oracle.com/node/oce/storyhub/prod/api/v1.1/assets/CONT6982694CC22747928D929F421CAC4DA3/native/customerlogo-skechers-clr.svg" alt="Skechers"/></div><h3 class="rw-stitle">About the customer</h3><div class="rc117desc"><!DOCTYPE html> <p>Founded in 1992, Skechers is the third-largest footwear brand in the United States, with a focus on athletic and casual shoes. The company includes wholesale and direct-to-consumer segments, with its collections available in approximately 180 countries and territories. The international business is managed through a network of wholly-owned subsidiaries, joint venture partners, and distributors. Skechers has donated more than 16 million pairs of shoes to children in need worldwide.</p></div></div></div></section></div><section class="rc42 rc42v0 cpad cwidth" data-ocomid="rc42"><div class="rc42w1 cwidth-06"><div class="col-framework col2 col-gutters"><div class="col-w1" data-trackas="rc42:learn-more"><div class="col-item"><div class="col-item-w1"><h4>Learn more</h4><ul class="ulist"><li><a href="https://www.skechers.com/" target="_blank" rel="noreferrer">Skechers<span class="sr-only">, opens in new tab</span></a></li><li><a href="https://blogs.oracle.com/modernfinance/post/how-skechers-transformed-internal-audit-to-support-global-growth" target="_self" rel="noreferrer">How Skechers transformed internal audit to support global growth</a></li></ul></div></div><div class="col-item" data-trackas="rc42:products-used"><div class="col-item-w1"><h4>Products list</h4><ul class="ulist"><li><a data-lbl="oracle-cloud-erp-product-detail" href="/be/erp/">Oracle Cloud ERP</a></li><li><a data-lbl="risk-management-and-compliance-product-detail" href="/be/erp/risk-management/">Risk Management and Compliance</a></li></ul></div></div></div></div></div></section></section><div id="pfCarouselWidget"></div></main><section role="contentinfo" aria-label="footer"></section></div><script language="JavaScript" async="" src="https://www.oracle.com/us/assets/metrics/ora_storyhub.js"></script></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"preview":false,"locale":"be","previewToken":null,"story":{"id":"CORE3CE19E31C91844348B579B293C8DE3E5","type":"SH-PublicStory","typeCategory":"ContentType","name":"Skechers fashions a winning audit strategy with Oracle Cloud ","description":"","slug":"en/skechers","language":"en","translatable":true,"createdDate":{"value":"2023-11-15T10:58:30.744Z","timezone":"UTC"},"updatedDate":{"value":"2023-11-15T10:58:30.744Z","timezone":"UTC"},"fileExtension":"contentItem","fields":{"story_products":[{"id":"COREE120DF9F43DA4E8099E73FE94A9DEFF7","type":"SH-ProductDetail","typeCategory":"ContentType","name":"Oracle Cloud ERP","description":"","slug":"1481814228683-oracle-cloud-erp","language":"en","translatable":true,"createdDate":{"value":"2021-10-07T04:10:51.669Z","timezone":"UTC"},"updatedDate":{"value":"2023-01-30T13:20:32.721Z","timezone":"UTC"},"fileExtension":"contentItem","fields":{"overview":null,"image":null,"data_label":"oracle-cloud-erp-product-detail","featured_content":null,"link":"/be/erp/","cta_buttons":null,"title":"Oracle Cloud ERP","image_alt_text":null,"contacts":null,"quotes":null},"mimeType":"contentItem","fileGroup":"contentItem","links":[],"masterId":"CORE22DA4A3F4632494389803160CE969839","masterSlug":"1481786326299-enterprise-resource-planning-(erp)-cloud","masterSlugWithSiteId":"/be/1481786326299-enterprise-resource-planning-(erp)-cloud","masterInfo":{}},{"id":"COREB748FF69CE2745EEAC808FC27C17BFBA","type":"SH-ProductDetail","typeCategory":"ContentType","name":"Risk Management and Compliance","description":"","slug":"3000000562018-risk-management-and-compliance","language":"en","translatable":true,"createdDate":{"value":"2021-11-23T10:26:03.486Z","timezone":"UTC"},"updatedDate":{"value":"2024-09-17T17:45:34.816Z","timezone":"UTC"},"fileExtension":"contentItem","fields":{"overview":"\u003c!DOCTYPE html\u003e \u003cp\u003eOracle Risk Management and Compliance uses machine learning to strengthen financial controls, improve audit workflows, and detect emerging risks. 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Given the diversity and complexity of the company\u0026rsquo;s global operations, the internal audit team focuses on corporate governance initiatives, including management of financial, operational, and regulatory risks.\u003c/p\u003e\n\u003cp\u003eThe team is responsible for internal controls over financial reporting, operations audits, digital controls review, enterprise risk management, and fraud risk assessments. As the company grew over the years, the internal audit team was challenged in addressing the risks facing the company.\u003c/p\u003e\n\u003cp\u003e\u0026ldquo;We had a good understanding of our critical business processes, risks, controls, audit programs, and test plans,\u0026rdquo; says Ashwat Panchal, Skechers vice president of internal audit. 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