Continuous Transaction Monitoring (CTM) platform to identify and address improper payments before they occur
ATLANTA – November 29, 2011 – Oversight Systems, the leader in continuous transaction monitoring, announced today that it has been selected by the United States Census Bureau to automate the Bureau’s efforts to reduce fraud, waste and abuse. The Census Bureau will use Oversight Systems’ Continuous Transaction Monitoring (CTM) software to identify and address payments to the incorrect vendor, payments for the incorrect amount, payments that may be intended to circumvent purchase authority thresholds and duplicate payments. Oversight’s solutions will help the Census Bureau comply with OMB A-123 Circular C, the Improper Payments Elimination and Recovery Act (IPERA) and the President’s directives for eliminating fraud, waste and abuse in government spending.
This selection represents the first time a United States government agency has adopted an automated solution for identifying excluded parties such as Do Not Pay vendors for both pre-award and post-award vendors. Oversight’s technology will ensure that entities identified as excluded in the Census Bureau’s master vendor files do not receive current or pending payments, and that no future payments are scheduled for as long as vendors remain on the lists.
The Census Bureau will also use Oversight Systems to gain insight into patterns of activity in which vendors or purchasers repeat mistakes in pricing or terms, different prices occur for the same item from the same vendor and purchases are not directed through preferred vendor programs. Built-in workflow will deliver detailed information regarding why specific payments or vendors might require additional attention, as well as the ability to assign transactions to staff for investigation and to document follow-up and resolution.
Oversight’s real-time analytics engine delivers the knowledge and expertise of dozens of top-performing, experienced analysts in a single automated solution. The Census Bureau chose Oversight due to the platform’s ability to identify improper payments far faster, more accurately, and more cost-effectively than would be possible using human analysts or post-reconciliation audits. This immediate insight into the Census Bureau’s purchasing and payments processes will help the Department meet its share of the Federal government’s effort to eliminate more than $125 billion annually in improper payments.
Oversight provides similar savings and operational efficiencies for a number of large government and commercial organizations. One federal agency already uses Oversight to save over $1 billion per year in improper payments.
According to Patrick Taylor, CEO of Oversight, “We are very excited to be part of the US Census Bureau’s leading role in automating the monitoring of Do Not Pay and other improper payments activities within Federal agencies. Our expanding presence within the Federal government confirms the value of our approach and our technology. We’re proud to be helping the government operate more efficiently.”
For more information about Oversight Systems and Continuous Transaction Monitoring solutions for enterprise organizations and government agencies, please visit www.oversightsystems.com, or email email@example.com.
About Oversight Systems, Inc.
Oversight Systems improves operational transparency and financial performance by protecting transaction integrity. Oversight’s Continuous Monitoring and targeted analytics pinpoint root causes of unexpected results in real-time. This consistent, comprehensive and scalable platform pulls data from across the enterprise to greatly accelerate how soon any suspect transaction can be found and fixed. Oversight’s solution represents a clear framework for addressing complex compliance, performance and planning issues with high monetary returns. These standardized operating procedures and automated best-practices drive ongoing improvements in processes and controls. Auditors, process owners and executives benefit from truly actionable information, available when and where it’s needed.
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