Platform enhancements provide greater automation to mitigate financial, compliance risk
ATLANTA (May 26, 2020) – Oversight, the global leader in spend management technology, today released the latest version of its spend optimization platform, which is designed to reshape the way organizations identify, prioritize and resolve financial and compliance risk in their card and contract spend programs.
Oversight’s enhanced platform establishes a framework to help companies identify and address employee spend risk, including asset misappropriation schemes, such as submitted fictitious expenses or invoices, which account for 86 percent of occupational fraud cases, according to ACFE’s 2020 Report to the Nations. With greater platform capabilities, organizations are able to identify and remediate risk consistently across finance operations, compliance and internal audit to improve business outcomes. Key platform features and improvements include:
Expanded AI and Machine Learning Capabilities
Greater automation is made possible through the platform’s expanded AI and machine learning capabilities, which incorporate new levels of intelligence from Oversight’s proprietary datasets to more accurately detect violations, errors and fraud immediately upon implementation. The incorporation of enhanced AI strengthens risk analysis on the front end, removing subjectivity from the audit process while expediting best practice reviews of all prioritized transactions.
High-risk transactions are easily prioritized in the new, intuitively designed workbench, giving each auditor and operations team member full data visibility and the workflow tools to resolve issues effectively. Whether it involves interacting with employees or managers or escalating issues to the compliance or internal audit teams, Oversight automatically points focus to remediation efforts likely to yield the highest return for the organization.
Powerful Dashboard Capabilities
The updated Oversight platform features a powerful new analytics dashboard that drives stakeholder alignment and engagement through a single view of organizational spend risk. The new tool is flexible to the governance responsibilities of key stakeholder groups, including operations, compliance, internal audit and executive leadership. With a modern and intuitive design, the dashboard enables users to identify the critical areas of risk and their root causes for corrective action.
“Oversight has long been a leader in helping large enterprises identify risk and optimize spend across their card and contract programs,” says Terrence McCrossan, CEO of Oversight. “Now, with our enhanced platform, we are providing finance and compliance teams with the analytics, automation and visualization tools they need to be even more effective. We are excited see the process improvement and cash flow impacts for our users.”
The platform updates are now being rolled out to Oversight customers and are included as part of all new Oversight solution engagements.
The world’s largest companies and government agencies trust Oversight to find and manage enterprise spend risk no matter where it resides. Oversight’s AI-powered spend risk platform monitors and analyzes 100 percent of spend transactions, reducing audit effort and eliminating data silos. With full visibility into spend, Oversight customers find and prioritize spend risk that would otherwise go undetected. By identifying fraud, misuse and process breakdowns, Oversight reduces out-of-policy spending by 70 percent while maximizing audit efficiency and eliminating cash leakage. https://www.oversight.com/