Oversight Systems Launches
Oversight 4.2 with Automated Continuous
Monitoring for Stock Option Grants &
Administration
Automated Controls to Ensure
Proper Execution & Accounting for Employee
Options
ATLANTA (Sept. 19, 2006)
- Oversight Systems Inc. today announced
automated continuous monitoring for corporate
equity management and stock option grant
programs. Oversight 4.2 continuously monitors
the transactions and activities in HR, accounting
and stock option administration systems
to ensure compliance in every step of the
process for granting, executing and accounting
for employee stock options
“The recent headlines of backdating
and manipulating stock option grants have
incited increased attention from auditors
and regulators,” Oversight Systems
CEO Patrick Taylor said. “Oversight
provides the complete solution for companies
to certify the compliance of their stock
option grant procedures.”
Typical controls over stock option compensation
are manual because the process crosses heterogeneous
systems and multiple sources of information.
Oversight provides automated controls across
all systems involved in the equity compensation
process. Oversight integrates directly with
equity management systems, HR systems and
the general ledger to identify discrepancies,
such as:
- Vesting dates that are inconsistent
with employment or grant dates
- Grant dates that fall outside of board
meetings
- Strike prices that vary from the stock
price on the grant date
- Grant dates that precede an employee's
hiring
- Unqualified options exercised without
the required withholdings for tax and
FICA
- Journal entries for options expenses
that are inconsistent with the equity
management system
- Exercised options without a corresponding
journal entry
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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