BUSINESS PROCESS OWNER
Business Process Management & Shared Services Solutions
With Oversight’s continuous monitoring, Shared Services managers have a window directly into the performance of the Shared Services Center as it relates to SLA metrics and quality expectations. Shared Services personnel use the continuous monitoring features to address errors, misuse, and fraud while the CFO and Corporate Controller receive alerts, reports, and dashboards concerning potential performance and contract risks. This level of real-time visibility also supports ongoing corporate requirements for internal testing and assessment of potential control design or implementation weaknesses. Errors and duplications that arise from flawed, poorly documented or cumbersome business processes identify highest-return candidate processes for improvement, and provide a roadmap to raise the efficiency of resulting process improvement initiatives. In addition, the continuous monitoring system provides a mechanism for testing the effectiveness of process changes, and preserves a record of before-and-after performance results and error rates.
With continuous monitoring of 100 percent of transactions, Oversight eliminates the need for manual discovery of issues and enables Shared Services Centers to consistently meet Service Level Agreements by identifying and resolving errors as they occur, before they can create larger problems. Oversight provides evidence as to where processes aren’t working, identifies sub-steps within processes that cause cost overruns, and enables Shared Services personnel to move straight to resolution, resulting in increased accuracy of transactions and financial processes. Further, Oversight’s continuous monitoring enables the identification of problematic participants in the business process, and serves to deter improper motives or behaviors that don’t align with company policy. For example, the Shared Services Center for one Fortune 500 company reduced travel and expense policy violations by 60 percent, and identified $1 million worth of improper expenses within the first seven months of implementing Oversight’s continuous monitoring solution.
