Oversight Systems In The News Archive 2006

Sept. 27, 2006

Study: SarbOx Software Not Taking Hold
Patrick Taylor, president and chief executive officer of Atlanta-based Oversight Systems, said auditors and their customers "are starting to think about the risk and figure out what is an effective control to manage the risk."

Sept. 25, 2006

Vendors see ka-ching in backdating scandal
As the backdating scandal rages on, technology vendors are pushing software to help companies oversee stock option transactions, but some experts say problems with option tracking are often more human than technological.

Sept. 19, 2006

IT's Role in Financial Process Improvements
Despite process improvements, corporate America and government enterprises still face errors, fraud and data quality issues within their financial systems. Now the challenge is to stay competitive and continually improve those processes, such as accounts payable, accounts receivable, purchase cards and financial reporting. IT managers can again play a role in process improvement.

August 2006

Companies Still Struggle with Enterprise Risk
Although companies are embracing the concept of enterprise risk management, recognizing its value, many still struggle with implementation issues, particularly making sure all employees are trained to assess, manage, and prevent it.

August 2006

The 2006 Oversight Systems Financial Executive Report on Risk Management
The market may reward companies who take strategic risks, but many executives are discovering the consequences of overlooking their day-to-day operational risks.

Aug. 14, 2006

Black Hat: No network is safe
You also need to evaluate activity from an application perspective. This basically looks at every transaction and compares it with an accepted profile of behavior and a baseline of what you typically do.

July 24, 2006

The 2006 Oversight Systems Financial Executive Report on Risk Management
Companies are embracing the concept of enterprise risk management but continue to struggle with its implementation.

July 19, 2006

Risk-Based Segregation of Duties Controls
Oversight’s Dual-Duty Platform Transforms Segregation of Duties Compliance Costs into Process Improvement Profits

June 27, 2006

Enterprise Risk Plagues Corporate America, Despite Confidence in Risk Preparation
Ownership of risk is still clearly a C-Suite job. Eighty-six percent identified a senior executive with explicit responsibility for overseeing the management of all risk across the enterprise. The CFO was named by 44 percent, the CEO by 20 percent and 8 percent said the Chief Risk Officer.

June 26, 2006

Survey Shows Enterprise Risk Plagues Corporate America
Companies are embracing the concept of enterprise risk management but continue to struggle with implementation according to the findings in the 2006 Oversight Systems Report on Risk Management.

June 23, 2006

Risk Management: More Talk Than Action
Enterprise risk management is typically the CFO's job, according to a new survey that says companies are still struggling to put effective systems in place. "Financial executives and businesses are beginning to embrace the concepts of enterprise risk management, but implementation and effectiveness are still in their infancy," said Mark S. Beasley, professor of accounting and director of the Enterprise Risk Management Initiative at North Carolina State University.

June 7, 2006

Oversight Systems: Nonstop Cop; Oversight Systems helps cut auditing expenses.
Like taking care of kids, keeping transactional systems in check requires full-time attention, and customers say Oversight Systems is the kind of babysitter everyone should have.

June 7, 2006

Fraud Detection Software: Shutting the Door on Scam Artists
Oversight's product provides continuous monitoring of Avery Dennison's accounts payable, general ledger, action request and human-resources systems.

June 2, 2006

Compliance and Performance Management
Oversight Systems has added more capabilities to its continuous controls and process monitoring software with the addition of segregation of duties (SoD) functionality. The product prioritizes violations based on financial risk and comes with functionality to support a variety of business application suites, including SAP, Oracle’s E-Business Suite, PeopleSoft, Siebel, and JD Edwards products, and Ariba.

June 1, 2006

Real-Life Challenges and Recommendations: Continuous Controls Monitoring
A recent applications space referred to as continuous controls monitoring (CCM) provides a means of ensuring effective 404-related controls. In addition, CCM supports management in mitigating operational inefficiencies, pinpointing fraud, and reducing financial errors. Although CCM is similar to audit software, it addresses the compliance problem as an enterprise solution, rather than software specifically for the audit department.

May 29, 2006

Oversight 4.0 Aims to Mitigate Risk
Oversight Systems Inc. has introduced Oversight 4.0, a risk-based system for managing the segregation of duties across financial systems and processes for compliance with the Sarbanes-Oxley Act.

May 24, 2006

Oversight Intros SOD
Internal controls monitoring and automation is the second wave of SOX compliance software, which is rapidly gaining momentum. Access control and SoD monitoring ensure that business users have appropriate application privileges and proper division of work, beyond what an ERP package provides.

May 23, 2006

Segregating Duties
Oversight offers the ability to drill down into SoD conflicts, letting you know where they occur, when they occur, and which employees are involved.

May 23, 2006

Cashing in on the value of compliance
Compliance also has an impact on IT systems and their future development. Market research firm Gartner notes that spending on IT for compliance is growing at twice the rate of overall IT spending. Against this background, companies are looking for the best way to meet their compliance obligations while keeping costs down and, if possible, getting the best value from their compliance-related IT investment.

April 28, 2006

Open Knowledge for Customized Analysis & Testing
Oversight Systems, Inc. has announced the launch of Oversight 3.8, which extends Oversight's continuous controls monitoring software by allowing users to easily customize their analysis and build upon Oversight's best practices in transaction inspection and continuous monitoring.

April 20, 2006

Governance: Sox Technology's Second Wave
As companies seek to make Sarbanes-Oxley (Sox) compliance more efficient and sustainable, they are investing in a new wave of Sox-related software, says Paul Hamerman, vice president, enterprise applications at Forrester Research.

April 15, 2006

ESSENTIAL TECHNOLOGY: "CSI" for the Enterprise?
As the senior security manager at Kimberly-Clark, Osborne is evaluating a tool from Oversight Systems that analyzes accounting information from SAP and other financial systems to detect fraud and errors both in current transactions and in past transactions stored in the SAP system. He's recommended that Kimberly-Clark seriously consider adopting the technology.

April 14, 2006

Financial Executive Report On Sarbanes-Oxley
Despite its cost, The Sarbanes-Oxley Act continues to achieve its objective: bolster corporate integrity and investor confidence in U.S. public markets.

March 30, 2006

Make the rules work for you
The theory is that rules and regulations make for order and stability. But they are also a burden on business and add significantly to costs. Organisations are, therefore, looking for ways to mitigate the cost of compliance and squeeze out some real business benefits from what is a mandatory investment.

March 10, 2006

Companies Discover the Bright Side of Sarbanes-Oxley Compliance
More organizations benefited in 2005 than in 2004 from their compliance efforts with the U.S. Sarbanes-Oxley Act of 2002, according to the 2006 Oversight Systems Financial Executive Report of Sarbanes-Oxley.

February 2006

Navigating Through Sarbanes-Oxley
Privately held companies need to start thinking about how to comply as many states seek to extend the law's reach beyond public entities.

Feb. 3, 2006

Companies Cite SOX Benefits, Detail '06 Goals
Companies reported across-the-board benefits in 2005 from Sarbanes-Oxley compliance as compared to 2004, according to a new report from Oversight Systems Inc.

Feb. 2, 2006

Oversight Systems Survey Identifies Growing Benefits to SOX Compliance
The findings show an across-the-board increase in the benefits that respondents experienced in 2005 from SOX compliance as compared to those reported in 2004.

January 2006

Driving Financial Process Improvement
SOX has imposed new requirements on public companies that can be costly and time-consuming. Real-time monitoring and continuous auditing software can help strengthen a control environment with both detective and preventive controls, thus helping to ensure that the company won’t suffer an “accounting surprise” at fiscal year-end.

Jan. 23, 2006

Trials And Tribulations Of Enron And S-Ox
The 2005 Oversight Systems Financial Executive Report on S-Ox found a significant majority believe that, after implementing requirements to remedy control deficiencies, they have seen bottom-line business benefits. Nearly half said S-Ox compliance resulted in reduced risk of fraud and errors, and they now have more efficient operations.

Jan. 11, 2006

Building A Board
The 2005 Oversight Systems Report on Corporate Fraud say that prosecution of crimes is the best deterrent. According to 39% of the 208 certified fraud examiners who participated in that survey, an employers’ decision to press charges against employees who commit fraud would result in the greatest reduction of domestic institutional fraud.

		Jan. 9, 2006		Reports of Fraud Climb Despite Corporate Reform Three years after the law was enacted, has it made a demonstrable difference in the level of corporate fraud? Opinion is divided, at best, though there's a general feeling that corporate governance has improved.


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