Oversight Systems' Oversight 6.2 solution has achieved certified integration with the SAP BusinessObjects Process Control application to further help organizations identify fraud and errors with continuous transaction monitoring. Through the integration, Oversight alerts SAP BusinessObjects Process Control of potential control violations identified by transaction monitoring based on event-driven defined rules, proactively providing the last line of defense.
Cyber fraud schemes from external sources including "spear phishing" have become increasingly common and sophisticated. And, while IT security and control monitoring mechanisms help prevent unauthorized access to secure back-office systems, spear phishing techniques circumvent these systems. According to Oversight, companies and institutions can reduce their losses from phishing campaigns by implementing real-time fraud identification solutions like its continuous transaction monitoring software.
"Oversight takes the approach of disregarding what other controls you might have on the front end to prevent errors and deter fraud. We really come in and essentially make sure everything is running the way you think it should be running," Jimmy Lin, director of product marketing for Oversight Systems, tells 5 Minute Briefing.
"The benefit that we give users is the peace of mind that we are actually analyzing 100% of all the financial transactions that are going on in the business. We are able to identify trends that are going on that might be out of the ordinary, identify transactions that are out of the ordinary, and identify information that may not be matching with previous transactions to root out errors and fraud," explains Lin.
Oversight's analytics gather relevant, cross-system information; interpret both current and past data to determine if there is high likelihood of fraud or errors; and alert management of suspicious activity and anomalous transactions. The results can provide insight into control failures, thereby providing SAP BusinessObjects Process Control with the ability to manage remediation of controls and improve business processes while reducing losses.
The SAP Integration and Certification Center (SAP ICC) has certified that Oversight 6.2 integrates with SAP BusinessObjects Process Control via a web service interface to send messages of potential control violations, which can be continuously monitored in SAP BusinessObjects Process Control. Oversight's solution achieved the certified integration with SAP BusinessObjects Process Control through its SAP Endorsed Business Solution Partner status, says Lin. For more information, go to www.oversightsystems.com.