A very large enterprise software company posted a video on finding fraud, waste, and abuse using a new query tool. The tool mainly compares names and addresses across multiple “watch” lists, which is a common approach used by several software companies and for numerous in-house projects. At first blush, this is a reasonable approach, and [...]
A new video featuring expert Michael Cangemi, former president and CEO of Financial Executives International (FEI) and finance director of Hartstone Group, talks about how continuous monitoring is a critical component to companies’ big data analytics strategy. The main take away is that by continuously monitoring, analyzing and taking action on recommended insights you can [...]
As we have pointed out in previous blogs, the Foreign Corrupt Practices Act (FCPA) is a top issue facing multinational corporations today. To help businesses better understand the act, the Department of Jusitce (DOJ) has released the Foreign Corrupt Practices Act (FCPA) Resource Guide. Written as a collaborative effort between the DOJ and the U.S. [...]
Thank you to Forbes magazine for recently giving some much needed attention to the anti-corruption issue of timing and disclosure of improper corporate conduct. It is truly astonishing to think that in today’s business world there rests a notion that an FCPA transgression can be kept secret. Don’t companies readily see that their good practices [...]
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There is no doubt that many multinational corporations struggle with anti-corruption compliance. The changing regulatory landscape calls for higher regulatory expectations and increased enforcement of the Foreign Corrupt Practices Act (FCPA). On top of this, research shows that the average cost of FCPA enforcement and remediation is well over the $100 million mark. How do [...]
As today’s organizations look for any advantage they can get over the competition, they are now turning to the increasing information they are creating and storing. Big Data is certainly a hot topic, and with good reason: businesses are finding real-time competitive advantage in those millions of files. The idea of sifting through the proverbial [...]
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President Obama has put out a new executive order to reduce improper payments and eliminate waste in federal programs. This order spells out near-immediate dates for compliance by several government agencies including the Office of Management and Budget, the Department of the Treasury and National Procurement Fraud Task Force. With Oversight preventing over $600 million in improper payments for the [...]
Oversight Systems recommends inspecting financial transactions in business processes to better identify fraud, misuse and error. ATLANTA – November 12, 2009 – In today’s business climate, performance pressures, incentives, limited resources and job uncertainty can all drive incidents of fraud and misconduct. In recognition of International Fraud Awareness Week (November 8-14), Oversight Systems, the leader [...]
Ventana Research‘s senior vice president and research director Robert D. Kugel has a great new piece out on continuous monitoring highlighting Oversight’s ability to find fraud, misuse and error. The article not only points out the benefits of the software, but our “software-as-a-service configuration.” Learn more about how Ventana Research believes in this cost-effective solution. [...]
Oversight 5.0 extracts and analyzes data from leading financial and ERP systems to help companies and government agencies improve financial business processes ATLANTA—September 16, 2009 — Oversight Systems, the leader in continuous controls monitoring for transactions and master data (CCM-T/MD), today announced that Oversight™ Systems 5.0 is helping companies guard against transaction fraud, misuse and errors. [...]
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