FCPA

Transaction Monitoring: On Demand Best Practice for Anti-Bribery & Corruption Programs

on October 02, 2013

In an article published in Ethisphere Magazine, Thomas Fox analyzes recent FCPA related cases and makes the case for Transaction Monitoring as a best practice for anti-corruption programs.  In our experiences working with clients, a real-time transaction monitoring system provides superior coverage for organizations with the appropriate level of maturity to implement a truly continuous analysis capability.

There are also situations where transaction monitoring on a regular (but not real-time) basis provides appropriate coverage for corruption and bribery risks. One important factor for determining the monitoring frequency is the organizational capacity for investigating the issues identified in the transactions.  For organizations with limited resources, monthly analysis is often more appropriate. In that case the analysis should focus on the trends and highest risk actors (employees, agents, distributors, etc.), which allows the company’s resources to focus their efforts on the areas with the greatest risk reduction impact.

As an answer to what we’re seeing as a market need for users to easily obtain the information they need from their data at the times and frequency when it suits them best, Oversight has created Insights On Demand (IOD). IOD is well suited for monthly usage scenarios that many companies find the most helpful and relevant of frequencies. The sophisticated transaction analysis used in real-time deployments is complemented by trend and high risk actor identification. To learn more about how IOD can present a natural way to incorporate transaction monitoring into your organization’s anti-bribery and corruption programs, visit our Insights on Demand Marketplace; and let us do the heavy lifting to find meaning in your data with an IOD Free Trial.

 

Patrick Taylor

Patrick Taylor is an authority in the convergence of business analytics, information security, and the implementation of technology to boost organizational performance. An innovator in his field, Patrick founded Oversight Systems in 2003 and served as President and CEO for 15 years. In this role, he helped hundreds of Fortune 1000 companies improve financial, accounting, and auditing processes. Previously, Patrick held leadership positions with Oracle, Symantec, and Internet Security Systems (ISS). Patrick has a bachelor’s degree Mechanical Engineering from Georgia Tech and an MBA from the Harvard Business School.

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