Oversight Systems Sets Continuous Auditing Benchmark for Monitoring Procure-to-Pay Transactions - $200K in Exceptions Identified Per Day
Benchmark Cites Record-Setting Performance, Results at Fortune 200 Company
ATLANTA (July 9, 2008) – Oversight Systems, Inc. today announced the results of a two-year performance benchmarking study of its industry-leading continuous auditing solution at a Fortune 200 company. Oversight extracts and analyzes 18 gigabytes of data daily (representing more than 10,000 procure-to-pay transactions) from the company’s 1-terabyte ERP database. The real-time identification and elimination of duplicate vouchers alone generates hard dollar savings of nearly $2 million per $1 billion of payables.
The Oversight processing window is tight, requiring the extraction and analysis to be highly efficient. The batch processes run at 3:00 a.m., and actual results are delivered and ready to review by 6:00 a.m. each day.
“Researching exceptions consumes time and effort and the process must be documented for compliance purposes,” the company’s AP manager said. “Oversight’s Workbench enables users to verify exceptions at a glance and efficiently correct problems, and everything is permanently recorded. This has saved us a tremendous amount of time.”
The benchmark establishes specific technology performance parameters required to achieve these kinds of savings. According to The Compliance Matrix Group (CMG), an independent research and consulting organization, these results can only be achieved through the use of real-time transaction inspection (RTI) technology, with its highly differentiated analysis methods.
“Oversight leverages advanced dynamic and adaptive analysis methods incorporating technology, process knowledge and context, and business analyst input,” said CMG principal analyst Matthew Kovar, CFA. “This rich statistical analysis capability is applied dynamically to multiple business processes selectively and automatically to determine if a real defect has occurred, providing the pervasive, persistent, autonomous, independent, and objective controls that are required to deliver these kinds of bottom-line results.”
In reviewing the results of the benchmarking study, Oversight Systems CEO Patrick Taylor identified the timeliness of real-time transaction monitoring as a value driver for the company’s customers.
“These results confirm Oversight’s position as the leader in delivering the technology and business benefits of driving fraud, errors and misuse out of the process far upstream, where the cost to remediate is lowest,” said Taylor.
About the Compliance Matrix Group
The Compliance Matrix Group is a research and consulting organization dedicated to providing unparalleled assistance to executives driving 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. For more information, visit www.compliancematrix.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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