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SOX NewsOversight Systems to Present Industry-Leading Continuous Transaction Monitoring Solution at IQPC Fifth Procure-to-Pay SummitOversight to demonstrate solution that is transforming compliance costs into
bottom-line pay-off for Fortune 1000 companies ATLANTA (June 17, 2008) – Oversight Systems, the leading provider of automated continuous monitoring solutions, today announced that it will be presenting its industry-leading continuous transaction monitoring software at IQPC’s Fifth Procure-to-Pay Summit. The summit will be held at the Venetian Resort Hotel in Las Vegas, June 17-19, 2008. This event will help attendees achieve significant cost savings through cutting edge technology, sourcing options, and interdepartmental collaboration.
During the summit, Oversight Systems will also demonstrate its leading software solution for continuous monitoring of financial processes, with real-time transaction inspection to identify and reduce errors, control exceptions and eliminate fraud. By automating the testing and analysis of auditors and fraud examiners against every transaction across multiple financial systems, Oversight ensures the quality of financial processes as it reports on the effectiveness of internal control systems.
“A complex business process, Procure-to-Pay is especially vulnerable to mistakes and violations that ultimately impact a company’s bottom line. Left undetected, these issues can constitute considerable cost to correct, especially as errors multiply and create problems downstream,” Oversight CEO Patrick Taylor said. “By gathering data from all of a company’s financial systems and monitoring the Procure-to-Pay process continuously, Oversight can point directly to breakdowns as they occur, enabling early correction and greatly reducing the cost of downstream correction and recovery.”
Benefits of Real-Time Transaction Monitoring
· Analyze transactions across multiple financial systems and various technology platforms
· Ensure financial process accuracy by inspecting for quality at every transaction
· Eliminate the need for recovery auditors with real-time detection of payment errors
· Address fraudulent financial reporting risk by inspecting General Ledger postings for unusual and suspicious entries.
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. For more information, visit www.oversightsystems.com.
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