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US Department of Defense Selects Oversight Systems to Help Achieve Full Budget Audit for the US Navy by 2014 Deadline

Thu, May 17, 2012

Oversight’s predictive analytics to deliver Fund Balance with Treasury through automatic reconciliation across multiple systems

ATLANTA – May 17, 2012 – Oversight Systems, the leader in Continuous Analysis (CA) solutions that  turn financial transactions into actionable insights, announced today that it has been selected by the  Defense Finance Accounting Service (DFAS) to help its customer, the U.S. Department of the Navy, meet its 2014 deadline for audit readiness, as mandated by the Secretary of Defense. In addition, DFAS and  the Navy will extend their existing Oversight implementation to help the Navy achieve complete Fund  Balance with Treasury (FBwT).  

Oversight’s Big Data predictive analytics automatically resolve the complex many-to-many relationships  that occur when reconciling funds received from the U.S. Treasury with procurements made by the Navy  and payments made through DFAS. Navy auditors will leverage Oversight software to drill into line of  accounting transaction details to see proof of financial reconciliation. This functionality is a key  requirement for the Navy to meet the Secretary’s objective for DoD-wide audit readiness for the  Statement of Budgetary Resources so that the DoD will have the ability to conduct a full budget audit in  2014.

The Navy FBwT and audit readiness initiative demonstrate how Oversight’s Big Data predictive analytics  lead to more efficient government operations. The software analyzes a 70-terabyte database to  automatically match transactions, identify unmatched transactions and predict potential matches. This  process encompasses data from more than a half-dozen major financial systems at the U.S. Treasury,  the Department of the Navy and DFAS. Collectively, these systems represent more than 2,400 files per  month requiring analysis and reconciliation.  

Oversight provides similar savings and operational efficiencies for anumber of other large government  organizations, including the U.S. Department of Education and the U.S. Department of Commerce. For  more information about Oversight Systems and Continuous Analysis solutions for enterprise  organizations and government agencies, please visit www.oversightsystems.com, or email  info@oversightsystems.com.

 

About Oversight Systems

Oversight Systems is a Continuous Analysis (CA) platform for Big Data that generates actionable insights and competitive advantage without requiring that managers become analytics experts. Our packaged business analytics convert active data such as financial transactions into plain-language alerts that show what happened, why – and what to do about it. Oversight is an SAP Endorsed Business Solution and HANA co-innovation partner. Major global corporations and government agencies rely on Oversight solutions to drive smarter, faster decisions across the organization that contribute directly to the bottom line. Founded in 2003, Oversight Systems is privately held and headquartered in Atlanta, GA.

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