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Friday, August 19, 2005
American Electric Power Reduces Fees to Recovery Firm by 75 Percent with Oversight 3.0 from Oversight Systems
ATLANTA (Aug. 15, 2005) – Oversight Systems Inc. today announced that American Electric Power (NYSE: AEP), the largest generator of electricity in the United States, has improved the quality and efficiency of its financial operations by deploying real-time transaction inspection from Oversight Systems.
AEP, based in Columbus, Ohio, deployed Oversight 3.0 to continuously monitor its procure-to-pay process for control exceptions and errors. Several months after deployment, AEP reports a 75 percent decrease in fees paid to its payment-error recovery firm and reduced effort to identify and correct errors.
"It’s encouraging to see this level of interest from the C-suite in the management of corporate risk, but the challenge in the coming years will be for corporate America to transform that interest into action that leads to better management and an improved bottom line," said Patrick Taylor, CEO of Oversight Systems.
"With Oversight, we reduced our payment processing costs by finding errors early in the process, eliminating their downstream effects and minimizing correction costs," said Mike Sullivan, director-accounting services for AEP. "As an independent system, Oversight assembles all related information into a single view and provides an exception-handling process that allows us to quickly assign, investigate and dispose of problems."
Oversight Systems provides a software solution for continuous monitoring of financial processes with real-time transaction inspection to identify errors, control exceptions and fraud. By automating the testing and analysis of auditors and fraud examiners against every transaction within financial systems, Oversight improves the quality of financial processes and a utomates controls testing. With detailed inspection of every transaction, Oversight validates all compliant transactions and accurately identifies control exceptions.
"Oversight continues to increase its market share in the Global 2000 by improving their financial operations, strengthening their internal controls and reducing their Sarbanes-Oxley compliance costs," said Patrick Taylor, CEO of Oversight Systems. "Like many other companies, AEP has taken the necessary steps to continually improve their financial processes and better manage enterprise risk."
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