American Electric Power Reduces Fees to Recovery Firm by 75 Percent with Oversight 3.0 from Oversight Systems
Oversight Systems Delivers a Direct ROI from Compliance
ATLANTA (Aug. 15, 2005) - Oversight Systems
Inc. today announced that American Electric
Power (NYSE: AEP), the largest generator
of electricity in the United States, has
improved the quality and efficiency of its
financial operations by deploying real-time
transaction inspection from Oversight Systems.
AEP, based in Columbus, Ohio, deployed Oversight
3.0 to continuously monitor its procure-to-pay
process for control exceptions and errors.
Several months after deployment, AEP reports
a 75 percent decrease in fees paid to its
payment-error recovery firm and reduced
effort to identify and correct errors.
"It's encouraging to see this level
of interest from the C-suite in the management
of corporate risk, but the challenge in
the coming years will be for corporate America
to transform that interest into action that
leads to better management and an improved
bottom line," said Patrick Taylor,
CEO of Oversight Systems.
"With Oversight, we reduced our payment
processing costs by finding errors early
in the process, eliminating their downstream
effects and minimizing correction costs,"
said Mike Sullivan, director-accounting
services for AEP. "As an independent
system, Oversight assembles all related
information into a single view and provides
an exception-handling process that allows
us to quickly assign, investigate and dispose
of problems."
Oversight Systems provides a software solution
for continuous monitoring of financial processes
with real-time transaction inspection to
identify errors, control exceptions and
fraud. By automating the testing and analysis
of auditors and fraud examiners against
every transaction within financial systems,
Oversight improves the quality of financial
processes and a utomates controls testing.
With detailed inspection of every transaction,
Oversight validates all compliant transactions
and accurately identifies control exceptions.
"Oversight continues to increase its
market share in the Global 2000 by improving
their financial operations, strengthening
their internal controls and reducing their
Sarbanes-Oxley compliance costs," said
Patrick Taylor, CEO of Oversight Systems.
"Like many other companies, AEP has
taken the necessary steps to continually
improve their financial processes and better
manage enterprise risk."
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.
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