NEWS
IN THE NEWS
July 15, 2010
Prevent fraud, waste in BP claims
Whenever large sums are set aside to compensate victims of a tragedy like the oil spill in the Gulf of Mexico, more than oil leaks. Money does. Lots of it.
July 1, 2010
Internal audit's role in continuous monitoring
Continuous Monitoring (CM) is an evolving use of technology to improve operations integrity and information and transaction quality. This article pleads for internal auditors to promote the expanded use of continuous monitoring by operations, as well as, internal audit.
June 30, 2010
Government looks for answers; GSN provides the solution
IARPA is looking for research “to dramatically improve the value of collected data from all sources”, and GSN: Government Security News recommends that IARPA look back at a story
they published on June 10 about Oversight Systems of Atlanta, GA.
June 10, 2010
A new ‘Oversight’ for catching terrorists
The government is always soliciting private industry to find ways to use commercial technologies for homeland security, and Patrick Taylor thinks his company’s technology might offer a solution to aid in identifying terrorist suspects.
April 20, 2010
Taylor: Application Inconsistencies Spur Mortgage Fraud Prevention
Patrick Taylor, CEO and president of Oversight Systems, Atlanta, sat down with MBA NewsLink to discuss mortgage fraud and prevention technology.
December 14, 2009
IT: It's the ultimate inside job
It is only a matter of time before we hear a spate of stories on the news about IT personnel in major corporations getting away with the embezzlement of millions of dollars. Smart companies will not wait until that day comes.
November, 2009
Understanding customer needs for operational governance
Because of the downturn in the economy, the number of fraud incidents within organizations has grown. Patrick Taylor, CEO of Oversight Systems, explains steps your organization can take to prevent fraud while ensuring a greater level of compliance assurance.
September 18, 2009
Oversight Systems Ranks Seventh on Forbes' List of “America’s Most Promising Companies”
Forbes teamed with The Venture Alliance, an advisor to early stage companies, looking beyond the top-line, examining such indicators as market size, management experience, intellectual property and ability to hit product-development benchmarks to determine "America's Most Promising Companies". Oversight was chosen for the prestigious list of 20 businesses based on its potential for future growth.
September 18, 2009
Software Monitors Transaction Fraud
Oversight Systems has released Oversight 5.0, the latest version of its software that analyzes data from financial systems and looks for instances of transaction fraud, misuse and errors.
September 18, 2009
Personalized spam attacks target small businesses
Spammers who flood the Internet with generically addressed spam to infect your PC also mix in viral versions targeted at specific individuals.
September 4, 2009
Oversight Systems and Automating Continuous Monitoring
Robert Kugel at Ventana Research on how using automation for continuous monitoring substantially reduces the risks of fraud and process errors and does so in a cost effective manner.
May 24, 2009
Tracking down fraud is now in demand
Patrick Taylor is a conniving worker’s worst nightmare. The Atlanta fraud expert is called upon a lot these days to help companies sniff out fake sales transactions, bogus expense reports, illegal kickbacks and those trying to cook the company books.
May 5, 2009
Fort Knox? More Workers Stealing from Employers as Recession Continues
A survey by the Association of Certified Fraud Examiners (ACFE), a global provider of anti-fraud training and education, found that the level of fraud among workers has increased since the beginning of the economic crisis. About 55% of Certified Fraud Examiners said they have seen an increase in employee fraud during the past year. And 49% said they have seen an increase in the amount of money lost to fraud.
April 6, 2009
Noonan to chair Oversight Systems
Thomas E. Noonan has joined Oversight Systems as its chairman. Noonan is the former chairman, president and CEO of Internet Security Systems Inc., an Atlanta company acquired by IBM in 2006 for $1.5 billion.
April, 2009
Applying the COSO Guidance on Monitoring
Key to Value: Prove Operational Effectiveness of Controls - Based on the COSO Guidance on monitoring, the optimal solution will monitor direct information on the performance of internal controls in order to deliver the most persuasive feedback regarding the internal control system’s operational effectiveness.
March 2, 2009
Tech That Combats Employee Fraud
Instances of fraud rise during recessions as employees become financially desperate or disgruntled—or both, experts say. That fraud can range from abusing expense accounts to skimming and check tampering.
December 15, 2008
Top 100 Products: Ones to Watch
Two of the qualities that make for a Top 100 Product are longevity and the sort of patient accrual of incremental improvements that go with it.
October 17, 2008
Fraud risk 'rises' during crunch
Fraud in the workplace is likely to accelerate during the global economic downturn, says accountants KPMG.
October 2008
Optimum Performance with Audit Standard 5
To mitigate the load felt by almost every company complying with SOX, the SEC released new guidance known as Audit Standard 5, which takes a more risk-based approach to auditing.
September 22, 2008
SOX Costs are Dropping – Companies Improve Compliance and Operational Efficiencies
According to a recent survey by FEI, SOX compliance costs have fallen by more than half since 2005… While most companies focus on SOX compliance, they also need to be aware of the Foreign Corrupt Practices Act (FCPA).
August 14, 2008
SOX compliance without headaches
Nobody would argue that complying with the Sarbanes-Oxley Act of 2002, although helpful in creating efficiencies and reducing costs, takes time and resources.
July 25, 2008
Tech firm raises $13M from VCs
A growth-stage Atlanta tech firm backed by big-name investors plans to raise $13 million, money it will use to beef up its workforce and double annual revenue.
July 25, 2008
Sarbox Has Tightened Controls, But Has It Reduced Fraud Risk?
A report out this week from Oversight Systems suggests that changes in SOX implementation and the PCAOB’s Auditing Standard 5 have helped companies simplify their internal controls and reduce costs. However, the report also says the changes have created new problems for financial execs.
July 22, 2008
Execs Lose Faith In Sarbox
Company executives are taking an increasingly dim view of some effects of Sarbanes-Oxley. According to new research by Oversight Systems, just 10% of officials think that complying with SOX has strengthened investors’ views of their company, down from 20% four years ago.
July 10, 2008
New Help on the Frontier of Fraud
Progress in the war on fraud is slow in the post-Sarbanes-Oxley world. According to Oversight Systems, while 40 percent of respondents to a survey it conducted in 2005 said that SOX reduced the risk of financial fraud, a new study that the company will release the end of this month shows that number has dropped to 29 percent.
June 2, 2008
Oversight In Red Herring Top 100
Red Herring added recent ATDC graduate Oversight Systems to their annual Top 100. As many of us know, this list is regarded by technology industry executives, investors, and observers as an invaluable instrument to discover promising companies.
June 2, 2008
Continuous Auditing: Tips from the Front Line
If "continuous auditing" were a marketing term it would be one of the worst on record. For managers inured to enduring financial audits for a couple weeks after the end of the fiscal year, it implies a never-ending ordeal.
May 15, 2008
Georgia Tech's ATDC Graduates Six Member Companies
ATDC is a nationally recognized science and technology incubator. ATDC membership is highly competitive. Each year, more than 130 emerging firms apply for ATDC membership.
May 12, 2008
The Virtual Auditor and the Human Element
To properly fight fraud it is not enough to use leading technology solutions without hiring knowledgeable auditors. According to Patrick Taylor, CEO of Oversight Systems, it is necessary to use both. (You have to have a login to view the full article.)
May 12, 2008
Oversight Systems virtually audits daily transactions
Four years ago, Patrick Taylor and his colleagues formed Oversight Systems with the idea of looking at business transactions to stop fraud and catch errors… Oversight graduates from the Atlanta Technology Development Center May 15.
April 29, 2008
Mitigating Fraud through Audit Standard 5
For more than five years, companies have struggled to meet SOX requirements – an almost Herculean effort. With the introduction of Audit Standard 5 (AS 5), management and auditors now have practical guidance on how to meet SOX compliance.
February 5, 2008
T&R Newsletter – If only Société Générale had the new Oversight fraud monitor …
Oversight Systems Inc. is upgrading its continuous monitoring and auditing technology to make it even easier to spot innocent errors and premeditated fraud.
January 28, 2008
Vendor Profile: Oversight Systems: The automated overseer
Imagine having the capability to run the same types of tests that auditors use during their routine check-ups and apply it to every transaction a company makes on a daily basis.
