ATLANTA -- Oversight Systems Inc., the leading provider of continuous monitoring solutions, today announced the first risk-based platform for managing segregation of duties. Segregation of Duties (SoD) is an important component of preventing fraud as mandated by Sarbanes-Oxley. Oversight 4.0 effectively manages the risks of real-world SoDs and delivers information that drives business process improvement. This dual-duty investment transforms Sarbanes-Oxley expenses into business process improvement opportunities.
Internal controls monitoring and automation is the second wave of SOX compliance software, which is rapidly gaining momentum, states Paul Hamerman, vice president of research at Forrester Research. Access control and SoD monitoring ensure that business users have appropriate application privileges and proper division of work, beyond what an ERP package provides. These solutions monitor user activity and apply predefined rules to detect potential violations, limiting opportunity for fraud.
Oversight Systems patent-pending real-time transaction inspection drives the compliance and operational improvement life cycle by enabling companies to:
- Identify and correct errors as they occur in a process
- Prioritize SoD remediation based on risk
- Continuously monitor and analyze business processes for SoD events, and
- Evaluate overall process conformance to contract terms and business policies.