Oversight Delivers Cost Effective, On Demand Transaction Monitoring

ATLANTA – December 5, 2013 – Oversight Systems today announced an innovative, web-based solution for compliance professionals to easily monitor high-risk travel and expense (T&E) data and strengthen their companies’ Foreign Corrupt Practices Act (FCPA) compliance.  Insights On Demand for T&E FCPA / Anti-bribery and Corruption Risk effectively analyzes T&E data and monitors transactions to identify potential bribery and corruption issues and provide recommended actions. Designed for non-technical, business users, this solution can be deployed in less than a week at a fraction of a cost of traditional approaches in a flexible, on demand model.

“Beginning with the Morgan Stanley Declination, it has become clear that ongoing transaction monitoring has become a key element in a best practices compliance program,” said Tom Fox, FCPA compliance and ethics expert and author. “This trend has continued in 2013 through the FCPA enforcement actions and it is critical for companies to use ongoing transaction monitoring to help prevent, rather than simply detect, compliance violations. Oversight has been an industry leader in transaction monitoring and their new product release will assist companies to meet these challenges and move compliance programs from simply reactive to preventative.”

In the most two recent Deferred Prosecution Agreements of this year, involving Weatherford and Diebold, both companies agreed as part of their minimum best practices obligations in Schedule C, to assess its prevention and detection prongs, “taking into account recent developments in the field and evolving international and industry standards.”

“Today’s T&E data holds the answers of where people on the front lines of business are in contact with potential customers and Politically Exposed Persons,” said Patrick Taylor, CEO of Oversight Systems. “Routinely analyzing this data can reveal the transactions that are not within the bounds of what is normal and customary. We developed Insights on Demand to help corporations address the increasing standard for anti-bribery and corruption compliance.”