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Oversight Systems Inc.

Oversight Systems Inc. has introduced 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," the Atlanta-based company says.

Oversight 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, the company claims, 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.

Highlights of Oversight's new release:

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 the source.

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. With the Risk Profiler, users who understand the business and the risks can quickly explore the data 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.

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Publication:Financial Executive
Geographic Code:1USA
Date:May 1, 2008
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