4.5 Release of Oversight Systems' Continuous Auditing Software Now Available
New release includes Workbench enhancements and Windows Server support
ATLANTA (April 10, 2008) – Oversight Systems, Inc. today announced general availability of the 4.5 release of the company’s continuous auditing software. Significant features of the new release include support for Windows Server 2003 and enhancements to the Oversight Workbench.
“This release has significance in the continuous auditing market beyond the impact of functional enhancements to a single vendor’s software,” said Oversight CEO Patrick Taylor. “Oversight’s Workbench uniquely delivers on the vision of continuous auditing, providing the tools and technology that companies need to fix the problems identified by transaction analytics. Other products stop at the analytics stage, surfacing errors, but offering no practical way to remedy them.”
Oversight’s Workbench supports the efficient evaluation and remediation of exceptions detected by the Collaborative Reasoning Engine (CoRE). The Workbench displays plain language descriptions of these potential problems, allowing users to drill down into the underlying transactional data to uncover and resolve every issue, from duplicate vendor information and invoices to likely fraud or misuse of funds. The Workbench also includes automated workflow features that facilitate assignment of exceptions to the appropriate resources for efficient investigation and resolution; a Risk Profiler for creating and refining re-usable ad hoc queries that focus investigation and facilitate sophisticated data review; and a permanent Investigative Log that automatically records all related activities, remediation and notes in a permanent journal.
With the 4.5 release, Workbench users can take advantage of a number of exception-handling enhancements, including:
- The ability to attach work papers and other files to specific exceptions
- The ability to select a “reason code” for each exception. The reason code is supported in profiles, access control, reports, etc.
- The ability to see correlations between different exception types
- Accurate search- and profile-time estimations based on self-tuning actual/estimated time comparison algorithms
Other enhancements in the 4.5 release include:
- Support for Oversight’s server components to run on Microsoft Windows Server 2003
- The incorporation of financial period filters derived from the original data source, to refine data extraction
- Additional pre-defined General Ledger-related integrity checks, for enhanced fraud control
- Inclusion of Excel and CSV formats in report output options, with auto-generated report designs based on Integrity Check definitions
- A Knowledge Configuration Utility to turn on and off integrity checks and individual indicators, and adjust the weighting for each indicator
- Use of LDAP-accessible enterprise directory for Single Sign-On (SSO) capability
- Enhanced password encryption, based on the SHA-1 cryptographic hash algorithm
- Security policy configuration options for protection against brute force password attacks
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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