Continuous Transaction Monitoring (CTM) platform to automate audits and identify improper payments as part of ED’s effort to support President Obama’s campaign against fraud, waste, and abuse in the federal government
ATLANTA – November 3, 2011 – Oversight Systems, the leader in continuous transaction monitoring, announced today that it has been selected by the United States Department of Education (ED) to monitor over $350 billion in grants payments to ensure accurate disbursements and minimize duplicate or improper payments. Oversight’s solution represents the first automated audit system for grants disbursement within the United States government and represents one of the most proactive approaches taken toward addressing the issue of improper payments identified by the Office of Management and Budget (OMB).
ED will use Oversight Systems’ Continuous Transaction Monitoring (CTM) software to identify suspicious grant disbursement transactions and monitor $3 billion of administrative payments for potential fraud, waste or misuse. Built-in workflow will ensure that the Department receives detailed information regarding why specific payments 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. ED selected Oversight due to the platform’s ability to identify improper grants disbursements far faster, more accurately, and more cost-effectively than would be possible using human analysts or post-reconciliation audits. This immediate insight into ED’s grants disbursement process 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, “Improper payments in the grants area is a big, highprofile challenge for any government agency. We are honored that the Department of Education trusts us to automate their monitoring process.”
For more information about Oversight Systems and Continuous Transaction Monitoring solutions for enterprise organizations and government agencies, please visit www.oversightsystems.com, or email info@oversightsystems.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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For more information, please contact:
Joel Deitch
Oversight Systems
770.984.4607
joel.deitch@oversightsystems.com
Ben Jolley
Connect PR
801.592.0806
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