Oversight Systems Inc.

• Position: CONTINUOUS ANALYTICS

Oversight Systems Inc. has introduced the 4.5 release of the company's continuous transaction analytics software. The new release provides companies with a cost-efficient and effective way to identify and resolve potentially fraudulent transactions flowing through a company's ERP and financial systems, essentially serving as a "virtual forensic auditor," the Atlanta-based company says.

Oversight automates forensic analysis of a company's financial data, leveraging advanced statistical analysis techniques to comprehensively inspect transactions for fraud, misuse and errors, and test the effectiveness of internal controls over financial reporting. With Oversight, the company claims, Sarbanes-Oxley 302 and 404 certifications are made "with the confidence founded in an independent audit of 100 percent of the transactions."

The analytic dashboards, workflow-enabled resolution workbench and documentation capabilities in Oversight drive efficient review and resolution to assure the integrity of financial reports.

Highlights of Oversight's new release:

Advanced Analytics to Detect "Scru Chains." A Scru Chain consists of sets of debit/credit pairs (general ledger journal entries) that, when connected, net out to a fraudulent transaction. The individual pairs appear to be normal transactions. It is only when they are linked that the fraud becomes evident.

To make detection even...