"With Oversight we are able to be proactive towards risk, instead of reactive."
This F500 Frieght Company has a consolidated, consistent view of risk by implementing Oversight Insights On Demand and has transformed its audit and risk mitigation process.
The company relied on one individual to pull together spend data from multiple source systems and only reviewed a sample of T&E transactions (2-3%). They tried using their ERP’s built-in controls and traditional audit solutions to identify duplicates, but it was far too limiting and there were gaps in how employees could pay for goods and services (and they were leaking cash in every direction).
They started using Oversight in their T&E program, increasing their review rate from a small sampling to 100% of transactions immediately. With some quick wins in T&E, the Company added P-Card to the mix and found split transactions were running rampant. Engaging employees to correct this behavior resulted in a 63% drop in non-compliant Purchase Card transactions. Further satisfied with results, the Company decided to go “all in” and widen the risk mitigation scope by adding Payables to the Oversight platform.