Risk ManagementAccounting/Financial ReportingTools
Oversight Systems Inc. is upgrading its continuous monitoring and auditing technology to make it even easier to spot innocent errors and premeditated fraud.
Oversight Systems Inc. is upgrading its continuous monitoring and auditing technology to make it even easier to spot innocent errors and premeditated fraud. The new version applies sophisticated forensic analytics technology and a “profiler” that not only isolates anomalies, but triggers a review of similar transactions to discover trends—like, say, a series of rogue trades, according to Oversight CEO Patrick Taylor. “Catching one suspicious action and then looking back at everything else a particular employee has done gives you the big picture,” says Taylor. Also new is the ability to track complex debit-credit pairs in general ledger entries that when connected net out to fraudulent transactions. The individual pairs appear to be normal transactions, but when the links are discovered, the intended fraud becomes apparent, says Taylor. Oversight’s tool, available for installation or as software-as-a-service, sifts through all transactions flowing through a company’s enterprise resource planning (ERP) and financial systems. It operates in real-time, finding and fixing all control violations, weak controls, errors and fraud. The upgrade will be introduced Feb. 25.