August 26, 2008
M. D. Anderson Selects Oversight Systems’ Continuous Transaction Monitoring Solution for Accounts Payable Processes
Oversight Systems, the leading provider of automated continuous transaction monitoring software, announced today that The University of Texas M. D. Anderson Cancer Center has contracted to implement Oversight's continuous monitoring solution for the procure-to-pay process. Oversight was awarded the contract after responding to a Request for Proposal (RFP) issued by M. D. Anderson.
"Our primary objective for continuous monitoring was to maximize the overall quality of our accounts payable processing, while minimizing the cost to support a 100 percent prepayment audit of all disbursements generated by the accounts payable process," said Michael Keneker, M. D. Anderson associate vice president and controller.Oversight's software eliminates fraud, misuse and errors within transactions and streamlines financial processes through an integrated application that combines an audit data warehouse, advanced analytics and automated resolution workflow. Oversight's Collaborative Reasoning Engine (CoRE)(TM) incorporates the tests and heuristics used by forensic accountants, auditors and fraud examiners to continuously inspect each transaction for errors, control-violations and fraud. The integrated Workbench, with its intelligent workflow system, makes it easy for customers to resolve any of the identified issues.
About M. D. Anderson Cancer Center
Celebrating more than six decades of Making Cancer History(R), The University of Texas M. D. Anderson Cancer Center is located in Houston on the sprawling campus of the Texas Medical Center. It is one of the world's most respected centers devoted exclusively to cancer patient care, research, education and prevention. M. D. Anderson was created by the Texas Legislature in 1941 as a component of The University of Texas System. The institution is one of the nation's original three Comprehensive Cancer Centers designated by the National Cancer Act of 1971, and is one of 39 National Cancer Institute-designated Comprehensive Cancer Centers today. For more information, visit www.mdanderson.org.
About Oversight Systems, Inc.
Oversight Systems takes continuous controls monitoring to the next level, with real-time transaction integrity inspection that provides companies with world-class assurance of the integrity of their financial information. Oversight's software provides a platform for continuous monitoring with powerful analytics that excel at finding problems, then raises the bar with an investigator's workbench for cost-effectively fixing the problem, and workflow-enabled audit trail and journaling for proving problem resolution and compliance. By inspecting each step of individual transactions across all financial systems, Oversight identifies all errors and fraud, drives defects out of the process, and sustains regulatory compliance. For more information, visit www.oversightsystems.com.