Oversight Systems Named as Winner in the Red Herring Top 100
Recognized as one of the top entrepreneurial technology companies in North America
ATLANTA – May 19, 2008 – Oversight Systems, the leading provider of automated continuous monitoring solutions, today announced that it has been selected as one of the Red Herring North America Top 100 technology companies for 2008.
"The large number of entries in this year's competition demonstrates that the economic slowdown has not affected technology innovation," said Joel Dreyfuss, editor-in-chief of Red Herring. "The companies on this year's list are proof that creative ideas continue to find the funding that turns them into promising businesses."
Red Herring’s annual lists of top private companies are an important part of the company’s tradition of identifying new and innovative technology companies and entrepreneurs. Companies like Google, eBay and Skype were spotted in their early days by Red Herring editors, and touted as leaders that would change the way we live and work.
Red Herring’s editorial staff rigorously evaluated more than 800 private companies through a careful analysis of financial data and subjective criteria, including quality of management, execution of strategy, and dedication to research and development.
Oversight Systems’ President and CEO, Patrick Taylor, commented, “We are very pleased to be named as one of the Top 100. Our technology is 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.”
Oversight Systems has nine patents pending on its continuous monitoring technology, with analytics that feature precise, near-human reasoning capabilities to identify potential instances of fraud or misuse in a company’s financial transactions. Oversight employs sophisticated statistical and probabilistic analyses, as well as distinctive reasoning technology – incorporating both temporal and state analyses – to identify sequences and concealment activities that other systems cannot.
In addition to superior analytics, Oversight provides advanced data acquisition technology to access and analyze data from all leading financial and ERP systems. By fully leveraging an integrated common data model, Oversight provides continuous, uninterrupted protection against fraud, misuse and errors, even as underlying source systems are consolidated or upgraded. Oversight uniquely incorporates a comprehensive exception-resolution Workbench that includes a sophisticated Risk Profiler for tuning, refining and reusing insightful ad hoc queries, and integrated workflow features and automated journaling that further differentiate the technology from other types of continuous monitoring products.
“At Oversight, the innovation we are proudest of is being the first company to deliver on the promise of continuous monitoring – a promise that corporate auditors and financial managers have been trying to collect on since the early days of Sarbanes-Oxley,” Taylor said. “With Oversight, companies are finally able to ensure the integrity of 100 percent of their financial transactions – and boost the bottom line at the same time. That is groundbreaking, and our customers – primarily Fortune 1000 companies – are delighted.”
To honor the CEOs of Red Herring 100 North America companies, Red Herring invited each one to present his or her company at its Red Herring North America 2008 event, May 12-14, at the San Jose Fairmont. As the venue for the unveiling of the Top 100 private companies in North America, this event draws unparalleled attention each year from decision makers and industry observers across the continent. This year marks the 11th anniversary of the Red Herring 100 Awards.
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.
|
