Oversight Systems surpasses $500 billion in annual customer transaction monitoring

ATLANTA, Sept. 30 /PRNewswire/ -- Oversight Systems, the leader in continuous transaction monitoring, today announced it has surpassed the $500 billion mark in customer transactions monitored. Oversight's software optimizes accounting and auditing functions while saving leading organizations worldwide millions of dollars annually through detecting errors, identifying policy violations and preventing fraud.

As the emerging best practice for managing and improving financial business processes, Oversight's continuous controls monitoring (CCM) software solution is rapidly extending, and in some cases displacing, more traditional audit and internal control management approaches.

"Companies are at-risk for inadvertent transaction errors, policy violations and fraud which create significant cost increases. Fortune 500 companies and government agencies rely on Oversight's software to improve their financial health," said Patrick Taylor, president and chief executive officer of Oversight Systems. "Our customers are reporting reductions in external audit scope of 400 to 1,000 hours per business process. We drive financial errors out of organizations. Our ROI is significant. Oversight's technology implements quickly, reduces risk and saves cash."

According to Ben Cagle, executive vice president of Oversight Systems, "We're helping organizations solve real-world business issues--including assuring accurate financial reporting and revenue assurance, preventing improper payments and reducing card program policy violations. Reaching the $500 billion mark in continuous controls monitoring is not only a corporate milestone, but also validates transaction monitoring as a viable solution for driving operational performance."

Oversight's software works by analyzing every step in the business process to identify issues costing organizations hundreds of thousands of dollars, while streamlining and automating "manually intensive" reconciliation, auditing and quality assurance efforts. Oversight offers broad out-of-the-box data integration with leading ERP and financial systems including SAP, Oracle's E-Business Suite, PeopleSoft, JD Edwards, QAD's MFG Pro, American Express, MasterCard, Visa, Concur, Infor's Extensity, Mincom Ellipse, Lawson and BMG Seltec. Oversight's continuous monitoring technology gives customers near-immediate ROI with many customers seeing positive results within a few weeks of deployment.

About Oversight Systems

Oversight Systems, the leader in continuous controls monitoring for transactions, improves the accuracy and efficiency of key financial processes for some of the world's largest companies and government organizations producing gains in overall financial performance. Oversight's software drives cost savings, reduces risk and strengthens policy compliance for CFOs, controllers, business process owners and auditors by increasing transparency and visibility into their financial processes. More information is located at www.oversightsystems.com.

The Oversight Systems name and trademark are exclusively licensed to Oversight Systems, Inc. All other products or company names mentioned are used for identification purposes only, and may be trademarks of their respective owners.

SOURCE Oversight Systems

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