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Where is your risk? For most large, global companies with thousands of employees disbursed across locations, this question is hard to answer.
Here’s a great place to start… 50% of all corporate spend is employee-initiated. That spend flows out through many different doors—T&E, Purchase Card, Payables, Procurement and General Ledger entries to name a few. Complicating matters, separate source systems capture all of this spend data and different teams focus on auditing the risk. The result: a siloed view that makes managing enterprise-wide risk nearly impossible.
There is a better way. We recently invited a Fortune 500 freight transportation company to share their end-to-end financial risk transformation story in a SharedServicesLink webinar. You can watch this 30-minute webinar on demand for the full story, but below are the quick highlights.
Data Silos: One individual was pulling together spend data from multiple source systems and reviewing a sample of T&E transactions (the company was only looking at 2%-3% of transactions for errors, abuse and fraud).
Manual Audits: They tried using their ERP’s built-in controls and traditional audit solutions to identify duplicates, but it was far too limiting (six criteria had to match exactly in order to identify duplicates).
Cash Leakage: There were gaps in how employees could pay for goods and services (and they were leaking cash in every direction).
The Solution: One platform. All Risk.
What this company needed was a single enterprise platform for end-to-end audit and risk management. They turned to Oversight’s AI-powered audit and risk management platform that looks across spend categories to automatically identify and prioritize risks that otherwise go undetected due to separate source systems:
Their journey started with implementing Oversight’s T&E audit solution, increasing their review rate from a small sampling to 100% of transactions immediately. Plus, they were able to pull in data from a historical perspective, which quickly led to recovering over $60,000 in improper employee reimbursements).
With some quick wins in T&E, the Company added P-Card audits to the mix and found split transactions were running rampant. Engaging employees to correct this behavior resulted in a 63% drop in P-Card exceptions.
Further satisfied with results, the Company decided to add Oversight’s procure-to-pay This was a game changer. They fed a full year’s worth of data into Oversight to do a once over. What they discovered was $2.7 million of recoverable erroneous payments that their previous system had missed.
The difference? Oversight uses advanced AI technology and continuous monitoring to determine the potential of payment errors and fraud. The platform looks across spend data, employee data and vendor master data to find and correlate risk that otherwise goes undetected, giving enterprises a consolidated, consistent view of risk.
Oversight bridges the gap, so companies like this F500 freight transportation company can focus on the actors initiating the risk—not simply their actions—and prevent improper payments before they go out the door. Ready to see what Oversight can do for your company? Schedule a demo.