Oversight Systems
Oversight Systems is a U.S.-based company, founded in 2003,[1] which develops and sells computer software that helps businesses continually check for employee and vendor fraud, misuse and errors with expense reporting, purchasing cards and billing.[2] The software also helps public companies with the monitoring and testing of controls associated with Sarbanes-Oxley Act and the Foreign Corrupt Practices Act (FCPA) compliance.[3] Oversight's claimed target customers are companies taking in US$600 million or more in yearly revenue.[4]
Ownership
On September 2, 2020 Oversight was acquired by TCV,[5] with Luminate Capital Partners retaining a minority equity partnership.
Oversight Systems' software detects payments to suspicious vendors and alerts the proper authorities when insufficient people are involved in complicated business processes.[6] 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.[7]
References
- Oversight Systems
- Monitoring firm raises $7 million, Atlanta Business Journal, 9 Sept. 2004
- Ten Questions for Oversight Systems, Forbes, 16 Sept 2009
- ACL vs Oversight Systems
- https://www.bloomberg.com/press-releases/2020-09-02/tcv-makes-strategic-growth-investment-in-global-spend-management-leader-oversight
- http://data-informed.com/patrick-taylor-ceo-of-oversight-systems-on-business-transactions-analytics-and-sap-hana
- https://www.complianceweek.com/blogs/grc-announcements/oversight-systems-automated-transaction-monitoring-for-fcpa-compliance-risk