Oversight Systems' CEO and Founder Patrick Taylor Ranked in Top 10 Nominees for Inc. Magazine's Entrepreneur of the Year
Practical, Affordable On-Demand Compliance and Fraud Control Solution Resonates with Readers
ATLANTA (December 13, 2007) – Oversight Systems, the leading provider of automated continuous monitoring solutions, today announced that CEO and founder Patrick Taylor was ranked as one of the Top 10 Reader Favorites among nominees for Inc. Magazine's Entrepreneur of the Year.
In responding to the nomination, Taylor explained, "We're definitely shaking things up, transforming the costly compliance requirements of the Sarbanes-Oxley Act of 2002 (SOX) into an actual profit center for corporations, and at the same time, freeing up resources to find and eliminate the fraud that has been making headlines across the country."
Recognizing that struggling with compliance overhead was leaving a lot of smaller companies vulnerable to fraudulent behavior, Taylor understood the need for a scalable version of his company's industry-leading continuous monitoring solution. In response, he developed Oversight On-Demand, which acts as a virtual auditor, providing companies with the same advanced analytic capabilities as used by forensic investigators, but reducing the cost of these services by providing them in a Software-as-a-Service model that is priced based on a company's need. With this model, companies are able to see an immediate payback on their continuous monitoring investment, in terms of error reduction and/or fraud deterrence and detection, even if they are smaller companies, or targeted one-time monitoring initiatives in larger organizations.
According to Taylor, "Traditionally, only larger corporations could allocate the budget needed to employ the advanced analytics available in transaction monitoring solutions. In an effort to bring these capabilities to those who could not afford them, Oversight On-Demand pricing is based on the size/type/frequency of data loaded into the Oversight On-Demand platform. Typical analyses cost a fraction of similar consulting arrangements and yield robust results."
This approach – and the timeliness of the Oversight solution – seemed to resonate with the magazine's readers, who responded to the nominations, ranking Taylor among their top 10 favorites.
Commenting on the On-Demand offering, one reader commented, "This is an awesome opportunity to circumnavigate some of the deadly expenses associated with SOX compliance. The insurance brokerage industry is already wrought with compliance issues from the DOI; SOX compliance compounds the G&A expense which cuts into funds that are earmarked for expansion. Kudos to Oversight!"
Another reader commented, "Many of my clients deal with SOX and the compliance issues associated with it. A product that allows companies to effectively and efficiently deal with these issues is going to get gobbled up by many enterprises out there."
A slide show presenting Inc.'s 2007 Entrepreneur of the Year: Reader Favorites can be viewed at www.inc.com.
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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