Oversight Systems Launches Industry's First Solution for Continuous Transaction Incident Monitoring
CFOs, Information Security Executives & Auditors Deploy Oversight Systems to Detect, Prevent & Deter Financial Loss from Systems-based Fraud, Misuse & Errors
ATLANTA - March 22, 2004 - Oversight Systems
today announced the launch of the industry's
first continuous transaction incident monitoring
system to tackle the threats from authorized
users performing unauthorized transactions.
Oversight's patent-pending system monitors
enterprise financial systems to detect,
prevent and deter financial loss from systems-based
fraud, misuse and errors.
The Oversight system provides enterprises
with independent, real-time insights into
the integrity of individual financial transactions
against corporate policies and procedures.
Oversight employs a variety of automated
data monitoring and collection techniques
across multiple business systems to detect
inappropriate and suspicious activities
that indicate errors, control overrides
or fraud.
"While IT security has traditionally focused
on securing the perimeter against outside
threats, Oversight Systems addresses the
much larger need to secure financial systems
from 'Business Hackers' or authorized users
who employ their knowledge of business systems
to perform unauthorized transactions," said
Matthew Kovar, director of security services
& solutions for the Yankee Group. "Continuous
transaction incident monitoring delivers
value to the bottom line by detecting real
financial losses. While the application
of these concepts and technologies plays
a key role in regulatory compliance, the
direct dollar savings alone justifies its
deployment."
Oversight Systems' management team is comprised
of seasoned executives and practitioners
from the areas of fraud investigation, business
intelligence, information security and integration
of financial applications. As a convergence
of the best practices in each of these fields,
the Oversight system applies more detailed
analysis than the current sampling-based
tests that auditors, fraud examiners and
security professionals employ today. Oversight
combines the benefits of a systems auditor,
fraud examiner, forensics auditor and an
information security specialist on duty
24x7 to monitor the effectiveness of internal
controls.
"By monitoring the procure-to-pay process,
Oversight Systems provides enterprises with
an effective means to significantly reduce
fraud and payment errors that industry reports
say drain a significant percent of corporate
earnings every year," said Patrick Taylor,
CEO of Oversight Systems. "Chief financial
officers, internal auditors, fraud examiners,
compliance officers and information security
professionals rely upon Oversight to deliver
a clear return on investment by detecting,
preventing and deterring systems-based fraud,
misuse and errors."
About Oversight Systems, Inc.
Oversight takes continuous monitoring to the next level by combining an audit data warehouse, advanced analytics and workflow into a single, integrated, application. By inspecting each step of individual transactions across systems, Oversight identifies errors, control violations and fraud to drive higher levels of performance and compliance. Oversight's platform automates the entire life cycle finding problems in business processes, fixing those problems and proving the problems were resolved. Oversight is the solution of choice for those CFO's, CIO's and CISO's serious about compliance and enhancing their financial performance. For more information, visit www.oversightsystems.com.
Warning: include(../_include/testimonials.php) [function.include]: failed to open stream: No such file or directory in D:\hosting\member\auditdata\oversight\release_040322.php on line 245
Warning: include(../_include/testimonials.php) [function.include]: failed to open stream: No such file or directory in D:\hosting\member\auditdata\oversight\release_040322.php on line 245
Warning: include() [function.include]: Failed opening '../_include/testimonials.php' for inclusion (include_path='.;C:\php5\pear') in D:\hosting\member\auditdata\oversight\release_040322.php on line 245
