Friday, November 18, 2005
Compliance Matrix Analysis of Oversight Systems Customers: Tangible Savings in Financial Processes & Sarbanes-Oxley Compliance; Independent Review Qua
Real-time transaction inspection delivers bottom-line results by eliminating errors in financial processes and automating controls for Sarbanes-Oxley compliance, according to the Compliance Matrix Group’s independent analysis of Fortune 500 companies that have deployed continuous monitoring solutions from Oversight Systems Inc.
Atlanta, GA (PRWEB) November 16, 2005 -- Real-time transaction inspection delivers bottom-line results by eliminating errors in financial processes and automating controls for Sarbanes-Oxley compliance, according to the Compliance Matrix Group’s independent analysis of Fortune 500 companies that have deployed continuous monitoring solutions from Oversight Systems Inc.
Compliance Matrix, a consulting group to major corporations for Sarbanes-Oxley and other regulatory compliance efforts, published the report today, which can be downloaded at www.oversightsystems.com/casestudy.
"As executives struggle with the cost of compliance, they should evaluate IT solutions for real-time transaction inspection, which can automate compliance while creating business value," said Matthew Kovar, CFA, SOX practice director and principal for the Compliance Matrix Group. "Our detailed research illustrates that the average Fortune 500 Company can save between 75-95 percent in their SOX monitoring costs by replacing manual controls with automated controls. Additional analysis of business value creation showed the annual benefit to one customer quickly approaches $4 million for a single instance of the Oversight solution for real-time transaction inspection."
Oversight Systems, the leading provider of independent, continuous monitoring solutions for real-time transaction inspection, commissioned this independent report, which further quantifies the conclusions of other independent research firms.
In a September 2005 report entitled "Profiles in Compliance," AMR Research wrote that Oversight Systems’ real-time transaction inspection "is definitely in line with the need to reduce the cost of compliance by making it repeatable, sustainable, and automated." The AMR Research report went on to state: "Oversight Systems’s products should be evaluated by companies that are planning to automate testing of controls for compliance. The ancillary benefits of early error detection and quick resolution should pay for this system easily."
The Compliance Matrix study quantifies the benefits of implementing a real-time transaction inspection solution and describes how Oversight System creates business value within the procure-to-pay and order-to-cash processes by eliminating mistakes and errors, such as improper payments, un-reconciled accounts for un-vouchered receipts, invoice errors, and unused discounts and credits.
"These independent studies demonstrate the value-creating benefits of Oversight’s real-time transaction inspection," said Patrick Taylor, CEO of Oversight Systems. "Our Fortune 500 customers can confidently say that Oversight drives quality through their financial processes and reduces both their compliance and operation costs."
About Oversight Systems, Inc.
Oversight Systems is the leading provider of independent, continuous monitoring solutions for real-time transaction inspection. By combining the expertise and experience of security, fraud, audit and enterprise software development professionals, Oversight Systems ensures the quality of financial processes, strengthens the control environment and automates controls for Sarbanes-Oxley compliance. For more information, visit www.oversightsystems.com.
About the Compliance Matrix Group
The Compliance Matrix Group is a research and consulting organization dedicated to providing unparalleled assistance to executives in driving their compliance solutions. Compliance is about products, processes, policies, and people all deployed in a program that meets a specific performance objective. We provide the experience, knowledge, and expertise enterprises rely on to succeed in the face of mounting regulatory pressures.
posted by Brian Moran @ 8:43 AM