Compliance Matrix Analysis
of Oversight Systems' Customers: Tangible
Savings in Financial Processes & Sarbanes-Oxley
Compliance
Independent Review of Companies
Quantifies Reports from AMR
ATLANTA (Nov. 16, 2005) - Real-time transaction inspection delivers
bottom-line results by eliminating errors
in financial processes and automating controls
for Sarbanes-Oxley compliance, according
to the Compliance Matrix Group's independent
analysis of Fortune 500 companies that have
deployed continuous monitoring solutions
from Oversight Systems Inc.
Compliance Matrix, a consulting group to
major corporations for Sarbanes-Oxley and
other regulatory compliance efforts, published
the report today, which can be downloaded
at www.oversightsystems.com/casestudy.
"As executives struggle with the cost of
compliance, they should evaluate IT solutions
for real-time transaction inspection, which
can automate compliance while creating business
value," said Matthew Kovar, CFA, SOX practice
director and principal for the Compliance
Matrix Group. "Our detailed research illustrates
that the average Fortune 500 Company can
save between 75-95 percent in their SOX
monitoring costs by replacing manual controls
with automated controls. Additional analysis
of business value creation showed the annual
benefit to one customer quickly approaches
$4 million for a single instance of the
Oversight solution for real-time transaction
inspection."
Oversight Systems, the leading provider
of independent, continuous monitoring solutions
for real-time transaction inspection, commissioned
this independent report, which further quantifies
the conclusions of other independent research
firms.
In a September 2005 report entitled "Profiles
in Compliance," AMR Research wrote that
Oversight Systems' real-time transaction
inspection "is definitely in line with the
need to reduce the cost of compliance by
making it repeatable, sustainable, and automated."
The AMR Research report went on to state:
"Oversight Systems's products should be
evaluated by companies that are planning
to automate testing of controls for compliance.
The ancillary benefits of early error detection
and quick resolution should pay for this
system easily."
The Compliance Matrix study quantifies the
benefits of implementing a real-time transaction
inspection solution and describes how Oversight
System creates business value within the
procure-to-pay and order-to-cash processes
by eliminating mistakes and errors, such
as improper payments, un-reconciled accounts
for un-vouchered receipts, invoice errors,
and unused discounts and credits.
"These independent studies demonstrate the
value-creating benefits of Oversight's real-time
transaction inspection," said Patrick Taylor,
CEO of Oversight Systems. "Our Fortune 500
customers can confidently say that Oversight
drives quality through their financial processes
and reduces both their compliance and operation
costs."
About the Compliance
Matrix Group
The Compliance Matrix Group is a research
and consulting organization dedicated to
providing unparalleled assistance to executives
in driving their compliance solutions. Compliance
is about products, processes, policies,
and people all deployed in a program that
meets a specific performance objective.
We provide the experience, knowledge, and
expertise enterprises rely on to succeed
in the face of mounting regulatory pressures.
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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