Powerful Analytics and Machine Learning Amplified by Human Interaction Accelerate Compliance Improvements
January 9, 2018—Atlanta, Georgia – Oversight Systems is introducing powerful new features in its Insights On Demand™ software-as-a-service (SaaS) solutions that provide organizations with one-click visibility to resolve issues with the highest-risk repeat offenders who are responsible for most high-risk non-compliant travel and expense (T&E) transactions and fraud in the workplace.
A JPMorgan survey estimates that US companies lose $1 billion annually to employee expense report fraud. According to Oversight’s research, 10 percent of business travelers commit nearly all high-risk spending, including out-of-policy and fraudulent transactions.
Oversight Systems has enhanced its Insights On Demand platform with automated capabilities powered by amplified machine learning and advanced data analytics. These features include:
- Repeat Offenders automatically flags the business travelers responsible for most attempted fraud and non-compliant expenditures on expense reports and purchase cards. Insights On Demand’s guided machine learning capabilities over time “get smarter” based on data analytics and human interaction to manage and resolve repeat offender issues.
- Excessive Attendee insight to help businesses and government organizations uncover internal fraud and misuse, including schemes such as so-called dining clubs involving groups of employees who collude to evade T&E policy thresholds. The system also supports organization’s regulatory compliance with anti-bribery and corruption laws such as the U.S. Foreign Corrupt Practices Act (FCPA), the Sunshine Act, the UK’s Bribery Act, and France’s Sapin II Anti-Corruption Law.
“Through features like Repeat Offenders and the Excessive Attendee insight, we are making financial auditing and risk management processes more efficient – as much as 80 percent faster than traditional methods,” said Oversight CEO Patrick Taylor. “By leveraging Oversight’s advanced analytics and continuous improvements in artificial intelligence technologies, our customers address the highest-risk travelers and foster a culture of employee compliance that minimizes wasteful T&E spend.”
About Oversight
Beginning in 2003, Oversight pioneered its patented artificial intelligence and guided machine learning to power the analytics engine of its Insights On Demand™ (IOD) auditing and compliance monitoring solution. Today, Insights On Demand is used by more Fortune 1000 businesses and government organizations than any other solution to analyze 100 percent of all travel and expense, purchase card and accounts payable transactions. Oversight’s powerful analytics engine, integrated dashboard and case management system detect and mitigate fraud risk, improve policy compliance and optimize business processes.
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