Oversight & Concur Strengthen Financial Controls for American Bureau of Shipping
Our client, American Bureau of Shipping (ABS) was essentially "flying blind" without an automated solution for analyzing their travel expenses. Upon implementing Oversight Insights On Demand and integrating it with Concur, they were able to leverage their data to promote policy awarerness and influence change.
At ABS, concerns over non-compliant T&E expenses spanned three key areas.
- Duplicates: Airline tickets issued via corporate card then resubmitted as a cash or personal credit card expense.
- Unusual Spending Patterns: Corporate gifts that not only violated compliance policies but some, in fact, weren’t gifts at all.
- FCPA Risks: With operations in many countries worldwide, ABS was accountable for any payments that could potentially violate the Foreign Corrupt Practices Act (FCPA) or the UK Anti-Bribery Act.
What ABS needed was meaningful insight into their transactional spend without having to invest significant resources to get it. With expense reporting already automated through Concur, they looked to Oversight, a Concur App Center partner, to analyze their T&E expense data.
Oversight’s pre-built integration with Concur allows for automated data acquisition. It also works with existing ERP systems and data from P-card providers for seamless, accurate analysis. Deployment was “easy as pie,” allowing ABS to easily leverage their Concur expense reporting data for analysis through Insights On Demand, a web-based software solution which incorporates advanced analytical techniques including Boolean, statistical, time based, behavioral and similarity analysis to uncover anomalies.
Implementation was easy and in no time at all ABS had access to management dashboards that provided in-depth visibility into companywide spend and compliance – enabling them to immediately identify non-compliant expenses, track deficiencies in real-time, and determine high-risk countries and high-risk transactions.
By automating their T&E data analysis, ABS was able to proactively monitor company spend on a global scale. They could see patterns of behavior and reduce leaks in spending. And rather than investing internal resources on data mining, they instead focused on promoting policy awareness and influencing change.