ATLANTA – May 17, 2012 – Oversight Systems, the leader in Continuous Analysis (CA) solutions that turn financial transactions into actionable insights, announced today that it has been selected by the Defense Finance Accounting Service (DFAS) to help its customer, the U.S. Department of the Navy, meet its 2014 deadline for audit readiness, as mandated by the Secretary of Defense. In addition, DFAS and the Navy will extend their existing Oversight implementation to help the Navy achieve complete Fund Balance with Treasury (FBwT).
Oversight’s Big Data predictive analytics automatically resolve the complex many-to-many relationships that occur when reconciling funds received from the U.S. Treasury with procurements made by the Navy and payments made through DFAS. Navy auditors will leverage Oversight software to drill into line of accounting transaction details to see proof of financial reconciliation. This functionality is a key requirement for the Navy to meet the Secretary’s objective for DoD-wide audit readiness for the Statement of Budgetary Resources so that the DoD will have the ability to conduct a full budget audit in 2014.
The Navy FBwT and audit readiness initiative demonstrate how Oversight’s Big Data predictive analytics lead to more efficient government operations. The software analyzes a 70-terabyte database to automatically match transactions, identify unmatched transactions and predict potential matches. This process encompasses data from more than a half-dozen major financial systems at the U.S. Treasury, the Department of the Navy and DFAS. Collectively, these systems represent more than 2,400 files per month requiring analysis and reconciliation.
Oversight provides similar savings and operational efficiencies for anumber of other large government organizations, including the U.S. Department of Education and the U.S. Department of Commerce. For more information about Oversight Systems and Continuous Analysis solutions for enterprise organizations and government agencies, please visit www.oversightsystems.com, or email info@oversightsystems.com.
