Oversight Systems
Encyclopedia
Oversight Systems is a US company, founded in late 2003, which develops and sells computer software
that helps businesses continually check for inside fraud, errors and other problems. The software also helps public companies with the monitoring and testing of controls associated with the Sarbanes-Oxley Act
compliance. Oversight's claimed target customers are companies taking in US$600 million or more in yearly revenue.
The company is based in Atlanta, Georgia
, and its CEO is Patrick Taylor. See Taylor here on CNN talking about Oversight Systems. Another good source with Taylor as a fraud
expert is this ABC News
article Are You a Scammer? Cheating on Corporate Expense Reports - ABC News.
Oversight Systems' software detects payments to suspicious vendors and alerts the proper authorities when insufficient people are involved in complicated business processes. An audit data warehouse extracts relevant data direct from the various source systems (e.g., ERP user account and transaction data, network account logs, security logs, and continuous controls monitoring logs, etc.) and is transformed into a standardized, or common, data model. The audit data warehouse and the associated analytics are placed on a separate server so that the analytics can evaluate each transaction in relation to all previous activities without impacting on the performance of the operational systems and its existing knowledge base (i.e., stored signatures covering errors, misuse, and fraud
). If a transaction, or associated entity, is in violation of a given policy an exception is generated and the workflow system transmits the exception via e-mail, the user interface
and periodic reports – depending on the operational requirements. Learn more about continuous controls monitoring in this Oversight Systems' YouTube
video.
Oversight Systems is owner of a patent pending, the Collaborative Reasoning Engine (CORE), which applies business integrity checks to apply auditing and consulting industry "best practice".
Oversight Systems are a major part of the continuous monitoring
(CM) industry. They use a three-part product platform - Continuous Auditing
, Continuous Controls Monitoring
, and Continuous Transaction Monitoring - and an adaptable eight-stage implementation process to address their customer's needs. Oversight RTI searches for duplicate payments at the voucher level and generates a report of errors, leaks, and possible fraud within the system and provides continuous downloads of new transactions, enabling near real-time monitoring.
Taylor was formerly vice president of strategic marketing for Atlanta-based Internet Security Systems
, Incorporated, a leader in the information-security field. Prior to that, he served in high-level positions at network security provider Symantec Corporation and enterprise software provider Oracle Corporation
.
Computer software
Computer software, or just software, is a collection of computer programs and related data that provide the instructions for telling a computer what to do and how to do it....
that helps businesses continually check for inside fraud, errors and other problems. The software also helps public companies with the monitoring and testing of controls associated with the Sarbanes-Oxley Act
Sarbanes-Oxley Act
The Sarbanes–Oxley Act of 2002 , also known as the 'Public Company Accounting Reform and Investor Protection Act' and 'Corporate and Auditing Accountability and Responsibility Act' and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which...
compliance. Oversight's claimed target customers are companies taking in US$600 million or more in yearly revenue.
The company is based in Atlanta, Georgia
Atlanta, Georgia
Atlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
, and its CEO is Patrick Taylor. See Taylor here on CNN talking about Oversight Systems. Another good source with Taylor as a fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
expert is this ABC News
ABC News
ABC News is the news gathering and broadcasting division of American broadcast television network ABC, a subsidiary of The Walt Disney Company...
article Are You a Scammer? Cheating on Corporate Expense Reports - ABC News.
Oversight Systems' software detects payments to suspicious vendors and alerts the proper authorities when insufficient people are involved in complicated business processes. An audit data warehouse extracts relevant data direct from the various source systems (e.g., ERP user account and transaction data, network account logs, security logs, and continuous controls monitoring logs, etc.) and is transformed into a standardized, or common, data model. The audit data warehouse and the associated analytics are placed on a separate server so that the analytics can evaluate each transaction in relation to all previous activities without impacting on the performance of the operational systems and its existing knowledge base (i.e., stored signatures covering errors, misuse, and fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
). If a transaction, or associated entity, is in violation of a given policy an exception is generated and the workflow system transmits the exception via e-mail, the user interface
User interface
The user interface, in the industrial design field of human–machine interaction, is the space where interaction between humans and machines occurs. The goal of interaction between a human and a machine at the user interface is effective operation and control of the machine, and feedback from the...
and periodic reports – depending on the operational requirements. Learn more about continuous controls monitoring in this Oversight Systems' YouTube
YouTube
YouTube is a video-sharing website, created by three former PayPal employees in February 2005, on which users can upload, view and share videos....
video.
Oversight Systems is owner of a patent pending, the Collaborative Reasoning Engine (CORE), which applies business integrity checks to apply auditing and consulting industry "best practice".
Oversight Systems are a major part of the continuous monitoring
Continuous monitoring
Continuous monitoring is the process and technology used to detect compliance and risk issues associated with an organization's financial and operational environment....
(CM) industry. They use a three-part product platform - Continuous Auditing
Continuous auditing
Continuous auditing is the independent application of automated tools to provide assurance on financial, compliance, strategic and operational data within a company. Continuous auditing uses a set of tools to assure the internal control system is functioning to prevent fraud, errors and waste...
, Continuous Controls Monitoring
Continuous controls monitoring
Continuous Controls Monitoring is the term used to describe techniques of continuously monitoring and auditing an IT system. Typically CCM solutions will be applied to Enterprise Resource Planning systems such as SAP....
, and Continuous Transaction Monitoring - and an adaptable eight-stage implementation process to address their customer's needs. Oversight RTI searches for duplicate payments at the voucher level and generates a report of errors, leaks, and possible fraud within the system and provides continuous downloads of new transactions, enabling near real-time monitoring.
Taylor was formerly vice president of strategic marketing for Atlanta-based Internet Security Systems
Internet Security Systems
IBM Internet Security Systems is a security software provider which was founded in 1994 as Internet Security Systems, and is often known simply as ISS or ISSX...
, Incorporated, a leader in the information-security field. Prior to that, he served in high-level positions at network security provider Symantec Corporation and enterprise software provider Oracle Corporation
Oracle Corporation
Oracle Corporation is an American multinational computer technology corporation that specializes in developing and marketing hardware systems and enterprise software products – particularly database management systems...
.
See also
- Business process managementBusiness process managementBusiness process management is a holistic management approach focused on aligning all aspects of an organization with the wants and needs of clients. It promotes business effectiveness and efficiency while striving for innovation, flexibility, and integration with technology. BPM attempts to...
- Continuous Controls Monitoring for Transactions