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Automated Transaction Monitoring for FCPA Compliance Risk

Wed, Feb 10, 2016

February 10, 2016—Atlanta, Georgia— Oversight Systems, a leading operational expense analysis company, announces its new automated transaction monitoring solution for Accounts Payable (AP) FCPA/Anti-bribery and Corruption Risk.  Together with its Travel & Expense (T&E) FCPA solution, they enable companies to efficiently identify and remediate potential anti-bribery and corruption risks.

The Yates Memo from the U.S. Department of Justice (DOJ) has made it a priority to hold individuals accountable for organizational misdeeds and the DOJ will emphasize criminal prosecutions to deter corporate wrongdoing.  Prudent organizations are enhancing their compliance programs by incorporating analytics to catch reputation and financial risk issues.

Automated transaction monitoring technology from Oversight can be implemented quickly to create a stronger compliance program. Oversight’s sophisticated analysis of interrelationships between CPI scores, keywords, high risk spend categories, suspicious out of pocket spend, and politically exposed persons (PEPs) identifies anomalous activity and their case management system drives efficient remediation of any issues. 

“Visibility across spending and travel expenses allows companies to quickly find minor issues that, if unchecked, could snowball into serious criminal liabilities,” said Patrick Taylor, CEO of Oversight Systems. “Through automated transaction monitoring, organizations can establish a scalable compliance program that significantly reduces anti-bribery and corruption risk.”

Gone are the days where an audit of a few transactions would suffice, as companies can be held accountable for any employees’ high-risk purchasing habits. Having a complete transaction monitoring system that brings together analytics, case management, workflow, and management dashboards is crucial to any compliance program.  Through Oversight’s AP and T&E transaction monitoring solution, organizations identify the patterns of inappropriate behavior, often occurring just below their review threshold, to producing stronger and more actionable insights.

In partnership with Compliance Week, Oversight is hosting a webinar titled “Yates Memo & FCPA Enforcement in 2016: The Positive Impact of Technology Advances on Risk Management” on Thursday, February 18 at 2:00 pm EST. Attendees will learn the best practices for establishing a scalable compliance program sooner than later, and how automated transaction monitoring can reduce FCPA risk.

OVS Press Release 021016