Oversight Systems

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

The company is based in Atlanta, Georgia. Its CEO is Terrence McCrossan.[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

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]

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gollark: Fixed.
gollark: <@!160279332454006795> <@151149148639330304> <@!309787486278909952> Your thoughts?
gollark: Create a new section "Bees" %bees.Create a rule "Bee utilization part 1" (%bees-1) in %bees:> The deployment status of bees is considered part of the Game State. No bee action (except for bee deployment) may be taken unless bees are currently deployed. Bee actions include deployment of bees, which makes bees become deployed, cessation of bees, which makes bees not be deployed, and use of bees against a player. The player bees are to be used against must be indicated in the Bee Poll authorizing this action. Use of bees against players causes their Points quantity to be reduced by 1, unless it is already 0, in which case there is no effect.Create a rule "Bee Poll" (%bee-poll) in %polls:> A Bee Poll is required to authorize bees to perform actions, as described in %bees. The default allowed reactions for a Bee Poll are 👍 (representing a vote for) and 👎 (representing a vote against). Bee Polls may be closed if they have existed for 12 hours or more, rather than the usual 24. If a Bee Poll is passed, the action it describes is taken. Players are permitted to use multiple reactions on a Bee Poll. A Bee Poll must clearly indicate that it is a Bee Poll.Due to the passage of proposal #207, bees are to be considered "deployed" initially.
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References
  1. Oversight Systems
  2. Monitoring firm raises $7 million, Atlanta Business Journal, 9 Sept. 2004
  3. Ten Questions for Oversight Systems, Forbes, 16 Sept 2009
  4. ACL vs Oversight Systems
  5. https://www.crunchbase.com/organization/oversight-systems
  6. http://www.s-ox.com/dsp_getnewsDetails.cfm?CID=2259
  7. https://yourdailytech.com/business-intelligence/executive-interview-oversight-systems-ceo-patrick-taylor/
  8. http://data-informed.com/patrick-taylor-ceo-of-oversight-systems-on-business-transactions-analytics-and-sap-hana
  9. https://www.complianceweek.com/blogs/grc-announcements/oversight-systems-automated-transaction-monitoring-for-fcpa-compliance-risk
  10. https://www.complianceweek.com/blogs/grc-announcements/visibility-into-te-fraud-with-insights-on-demand
  11. https://www.oversightsystems.com/insights/te-oversight-connector-concur
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