Oversight Systems

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Oversight Systems is a US-based company, founded in 2003,[1] which develops and sells computer software that helps businesses continually check for employee and vendor fraud, misuse and errors with expense reporting, purchasing cards and billing.[2] The software also helps public companies with the monitoring and testing of controls associated with Sarbanes-Oxley Act and the Foreign Corrupt Practices Act (FCPA) compliance.[3] Oversight's claimed target customers are companies taking in US$600 million or more in yearly revenue.[4]

Company[edit]

The company is based in Atlanta, Georgia. Its CEO is Patrick Taylor. [5]

Oversight Systems' patent pending Collaborative Reasoning Engine (CORE) applies automated business integrity checks based on best practices that allow users to see the underlying transactional data. [6]

Oversight Systems provides three-part solution which includes: Continuous Auditing, Continuous Controls Monitoring, and Continuous Transaction Monitoring. Oversight's solution searches for duplicate payments at the voucher level and generates a report of errors, leaks, and possible fraud within the system and provides continuous downloads of new transactions, enabling near real-time monitoring. [7]

The Software[edit]

Oversight Systems' software detects payments to suspicious vendors and alerts the proper authorities when insufficient people are involved in complicated business processes.[8] If a transaction, or associated entity, is in violation of a given policy an exception is generated and the workflow system transmits the exception via e-mail, the user interface and periodic reports – depending on the operational requirements.[9]

Oversight Systems Insights On Demand, is a cloud-based system that allows clients to uncover possible misuse, fraud, and compliance violations within travel and expense, purchase card, and accounts payable programs. Oversight’s platform identifies employee behavior patterns, spending patterns, and corporate compliance errors. [10]

Insights On Demand includes prebuilt I/O connectors that reduce the implementation and deployment time. It also offers a set of preventive and detective controls for Line of Business (LOB) managers to analyze, monitor and control case management, audit trail and email participation programs for their clients.[11]

References[edit]