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Oversight Systems Guards Against Transaction Fraud, Misuse and Errors

Posted on: Wednesday, 16 September 2009, 13:31 CDT

ATLANTA, Sept. 16 /PRNewswire/ -- Oversight Systems, the leader in continuous controls monitoring for transactions and master data (CCM-T/MD), today announced that Oversight(TM) Systems 5.0 is helping companies guard against transaction fraud, misuse and errors. The CCM-T/MD solution continually extracts and analyzes data to improve overall business performance and make it easier for organizations to meet regulatory compliance requirements while reducing costs.

Oversight works with data from financial and ERP systems, expense tracking applications, custom applications, and more. The solution's analytics and pre-defined, customizable Integrity Checks(TM) identify potential problems in transaction-based business processes, providing business managers with the information they need to make changes that can save their companies hundreds of thousands--and in some cases -- millions of dollars.

"Oversight 5.0 is helping organizations solve real-world business issues -- from assuring complete and timely revenue recognition to preventing improper payments," said Dan Kuokka, chief technology officer of Oversight Systems. "Importantly, Oversight now runs on Oracle, which enables greater scalability for enterprise-class continuous controls monitoring. And it contains features that expand an organization's ability to identify and correct problematic transactions across financial processes."

The recently enhanced Oversight Workbench, an intelligent workflow management and link analyzer, goes beyond identifying symptoms by helping companies get to the root cause of issues. With Workbench, users can attach documents and assign reason codes to exceptions (i.e., errors or policy violations). Attachments become permanent records that colleagues can use to thoroughly review, investigate and substantiate exceptions. Reason codes reveal patterns that indicate opportunities for policy, process and control improvements.

Enhancements to the Oversight Workbench Risk Profiler allow users to establish search criteria easily and then find risks, potential fraud, policy violations and errors quickly. Risk Profiler creates and refines reusable ad hoc queries that focus investigations and facilitate data review. It allows users to establish personal and shared work queues to ensure that all issues are reviewed and resolved in a timely manner.

Oversight offers broad out-of-the-box data integration with leading ERP and financial systems, including SAP; Oracle's E-Business Suite, PeopleSoft, & JD Edwards; QAD's MFG Pro; American Express, MasterCard and Visa card programs; Concur; Infor's Extensity; Mincom Ellipse; Lawson; and BMG

Seltec. This gives customers near-immediate ROI. Most Oversight Systems customers see results within a few weeks of deployment.

About Oversight Systems

Oversight Systems, a leader in continuous controls monitoring, improves the accuracy and efficiency of key financial processes for some of the world's largest companies and government organizations, producing gains in overall financial performance. Oversight's software drives cost savings, reduces risk and strengthens policy compliance for CFOs, controllers, business process owners and auditors by increasing transparency and visibility into their financial processes. More information is located at www.oversightsystems.com.

The Oversight Systems name and trademark are exclusively licensed to Oversight Systems, Inc. All other products or company names mentioned are used for identification purposes only, and may be trademarks of their respective owners.

SOURCE Oversight Systems

Source: PR Newswire

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