ATLANTA, Dec. 5, 2013 /PRNewswire/ -- Oversight Systems today announced an innovative, web-based solution for compliance professionals to easily monitor high-risk travel and expense (T&E) data and strengthen their companies' Foreign Corrupt Practices Act (FCPA) compliance. Insights On Demand for T&E FCPA / Anti-bribery and Corruption Risk effectively analyzes T&E data and monitors transactions to identify potential bribery and corruption issues and provide recommended actions. Designed for non-technical, business users, this solution can be deployed in less than a week at a fraction of a cost of traditional approaches in a flexible, on demand model.
"Beginning with the Morgan Stanley Declination, it has become clear that ongoing transaction monitoring has become a key element in a best practices compliance program," said Tom Fox, FCPA compliance and ethics expert and author. "This trend has continued in 2013 through the FCPA enforcement actions and it is critical for companies to use ongoing transaction monitoring to help prevent, rather than simply detect, compliance violations. Oversight has been an industry leader in transaction monitoring and their new product release will assist companies to meet these challenges and move compliance programs from simply reactive to preventative."
In the most two recent Deferred Prosecution Agreements of this year, involving Weatherford and Diebold, both companies agreed as part of their minimum best practices obligations in Schedule C, to assess its prevention and detection prongs, "taking into account recent developments in the field and evolving international and industry standards."
"Today's T&E data holds the answers of where people on the front lines of business are in contact with potential customers and Politically Exposed Persons," said Patrick Taylor, CEO of Oversight Systems. "Routinely analyzing this data can reveal the transactions that are not within the bounds of what is normal and customary. We developed Insights on Demand to help corporations address the increasing standard for anti-bribery and corruption compliance."
More About Insights On Demand for T&E FCPA / Anti-bribery and Corruption Risk
The T&E FCPA / Anti-bribery and Corruption Risk Insights meet the growing need for actionable analysis of transactions across the global enterprise to ensure compliance, corporate integrity and overall organization success and effectiveness. It delivers automated transaction monitoring for uncovering and addressing suspicious activity and patterns of potentially damaging violations. It also specifically identifies and scores the employees, consultants, partners and agents that are high risk due to the characteristics of transactions, the parties involved in the transactions and where the transactions occur.
Insights On Demand for T&E FCPA /Anti-bribery and Corruption Risk is available now on www.OversightSystems.com. Companies can discover how they work by applying for a free trial on the Oversight Systems web site. Qualified free trial participants automatically receive a complementary assessment report highlighting the risks in their companies' T&E activity. Additional Insights On Demand currently available from Oversight include Travel & Expense, and Purchase Card analysis solutions.
About Oversight Systems
Oversight's mission is to transform financial data analysis into operational results, better business decisions and increased cost savings. Business users have questions they know to ask of their data every day and they know what to do with the answers. Through its Insights On Demand cloud-based analysis solutions, Oversight provides easy to use, customer-proven best practice analytics to derive business impacting answers from financial and operational data. Oversight's solutions reduce the need for hard-to-find data scientists and expensive analysis. A Concur, SAP, and Oracle partner, Oversight customers include a range of Global 5000 companies and government agencies and its software is used to monitor nearly $2 trillion in business transactions every year. Visit www.OversightSystems.com for more information.
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