Oversight Systems, Inc. today announced the latest technological advancements in fraud monitoring, with the 4.5 release of the company’s continuous transaction analytics software. The new release provides companies with a cost-efficient and effective way to identify and resolve potentially fraudulent transactions flowing through a company’s ERP and financial systems, essentially serving as a “virtual forensic auditor”.
Citing the corporate fraud that continues to make national headlines, Oversight Systems CEO Patrick Taylor said, “Finding fraudulent transactions can be nearly impossible, especially if the person committing the fraud knows the criteria a company uses to look for suspicious activity. With time and resource constraints, human auditors can only take a sample of data to analyze, greatly increasing the chances of missing key evidence. Oversight gives companies a ‘virtual auditor’ that can monitor in real time all of the transactions flowing through a company’s ERP and financial systems.”
Oversight cost-effectively automates forensic analysis of a company's financial data, leveraging advanced statistical analysis techniques to comprehensively inspect transactions for fraud, misuse and errors, and test the effectiveness of internal controls over financial reporting. With Oversight, Sarbanes-Oxley 302 and 404 certifications are made with the confidence founded in an independent audit of 100 percent of the transactions. The analytic dashboards, workflow-enabled resolution workbench and documentation capabilities in Oversight drive efficient review and resolution to assure the integrity of financial reports, and providing companies with confidence that they won’t end up in the headlines as the next corporate fraud story.
Highlights of Oversight’s new release include:
Advanced Analytics to Detect “Scru Chains”
A Scru Chain consists of sets of debit/credit pairs (General Ledger journal entries) that when connected net out to a fraudulent transaction. The individual pairs appear to be normal transactions. It is only when they are linked that the fraud becomes evident. To make detection even more difficult, the fake debit/credit pairs can be split, so that the “chain” is not obvious. It becomes even more difficult to uncover the fraud when the fraudulent transactions are intermixed with thousands of valid journal entries. Employing a complex algorithm and advanced fraud chain analytics, Oversight can handle split transactions, including multiple actors and heterogeneous amounts through multiple intervening accounts, and successfully identify funds flow from source to sink.
Integrated Risk Profiler Turns Data into Insight
The integrated Risk Profiler in Oversight’s latest release gives non-technical business users easy mouse-click access to sophisticated state-of-the-art data analytics, without having to hire a team of high-cost forensic analysts. With the Risk Profiler, users who understand the business and the risks can quickly explore the data without needing a degree in data analysis, to gain maximum insight into patterns of fraud, misuse and errors.
Oversight accommodates files from all of the leading ERP vendors, such as SAP, Oracle, PeopleSoft, JD Edwards, Infinium, GEAC, Baan and others.
About Oversight Systems, Inc.
Oversight Systems takes continuous controls monitoring to the next level, with real-time transaction integrity inspection for identifying fraud, misuse and errors. Oversight’s software provides a platform for continuous monitoring with powerful analytics that excel at finding problems, then raises the bar with an investigator’s workbench for cost-effectively fixing the problem, and workflow-enabled audit trail and journaling for proving problem resolution and compliance. By inspecting each step of individual transactions across all financial systems, Oversight identifies all errors and fraud, drives defects out of the process, and sustains Sarbanes-Oxley compliance