Oversight Systems
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Oversight Systems is a US company, founded in late 2003, which develops and sell 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, in the Cumberland Mall area and its CEO is Patrick Taylor.
Oversight's 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 CCM 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.
Oversight 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.
