December 15, 2016—Atlanta, Georgia— Oversight Systems, a leading operational expense analysis company, today announced it has completed and become EU-U.S. Privacy Shield certified by the US Department of Commerce International Trade Administration (ITA). The certification is one step to expand the access and security of data for the world’s largest organizations and government agencies that rely on Oversight to transform their approach to compliance and risk management within their financial operations.
“Our active participation in Privacy Shield demonstrates Oversight’s commitment to privacy and data security for clients working in a globally integrated world,” said Michael McMullin, Director of Program Management at Oversight Systems. “This is one of many mechanisms we leverage in ensuring our clients’ data is secure and available so customers have the insights needed to find any issues with spending and travel expenses.”
The EU-U.S. Privacy Shield Framework was designed by the U.S. Department of Commerce and European Commission to provide companies on both sides of the Atlantic with a mechanism to comply with EU data protection requirements when transferring personal data from the European Union to the United States in support of transatlantic commerce. To be Privacy Shield certified, U.S.-based organizations self-certify to the Department of Commerce and publicly commit to comply with the Framework’s requirements.
Oversight’s software monitors more than $2 trillion of expenditures annually for some of the world’s largest organizations. The web-based application applies sophisticated artificial intelligence based forensic analytics to expense transactions to identify fraud, non-compliant purchases, and wasteful spending. Through increased visibility into trends and behavior, Oversight pinpoints opportunities for ongoing improvement and helps companies make smarter business decisions, every day. Oversight’s partnerships with Concur, Oracle, SAP, and TSYS allow seamless data acquisition and rapid deployment for clients.
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Oversight Insights On Demand™ is a web-based software solution that automates spending program compliance by comprehensively analyzing expense report, purchase card, and accounts payable transactions to identify fraud, non-compliant purchases, as well as inefficient and wasteful spending. Oversight enables companies to monitor business transactions for risk and to identify risky employee and vendor spending patterns. For more information visit: www.oversightsystems.com.