Part 2: Compliance
with Bottom-line Results
Abstract
As
the second of a two-part case study, this paper summarizes the clear business case for implementing an OversightTM
Continuous Transaction Monitoring system. The companion case study, Implementation and Operation, examines
in detail implementation implications and includes customer feedback from multiple and varied installations.
Real-world
Results From Customer Engagements
Today’s business leaders who have had the foresight to
invest in the Oversight Continuous Transaction Monitoring system are enjoying the following benefits:
· A
$3.2 Million business value created through enterprise-wide Continuous Transaction Monitoring system implementation
· A leading
edge technology-based quality improvement
·
An effective ongoing compliance, controls, and audit program that reduces overall SOX-related
costs
The Benefits of Real-time Transaction Integrity Monitoring
The business drivers
that set the Oversight Continuous Transaction Monitoring system apart from traditional SOX compliance efforts are improved
financial controls and business processes, real-time enterprise fraud detection, and technology-driven operational efficiencies.
|
Improved Financial Controls and Business Processes | Enhanced financial reporting predictability,
integrity, and accuracy Enhanced revenue collections and management Reduced
payables-based losses and risk exposure—for example, goods received not invoiced write-offs (GRNI) Reduced
trade compliance risks and losses through proactive, 100% monitoring of population Reduced inventory-based
losses Reduced costs associated with SOX maintenance efforts (both internal and external) |
|
Enterprise Fraud Detection System | Detection of cross-process, business unit, and system indicators
of financial reporting fraud Detection of traditional payables, receivables, inventory, and expense
fraud |
|
Technology-based Operational Efficiencies | Strengthens controls while decreasing operational work efforts
by leveraging advanced monitoring and analytics technology and finding errors before they become
significant Optimizes manpower by replacing manual controls, consolidating automated controls, and
eliminating non value-added and redundant controls |
This study presents
the business-related benefits of implementing a transaction inspection system and describes how a Continuous Transaction Monitoring
system creates business value by decreasing loss, preventing fraud, and improving process to thereby increase revenue.
Included is an analysis that compares traditional manual controls in Procure-to-Pay and Order-to-Cash processes to the automated
equivalent provided by the Oversight Continuous Transaction Monitoring system, the latter of which enables companies to exceed
Sarbanes-Oxley (SOX) compliance objectives at a tenth of the cost of manual controls.
This study
also relates how implementing the systematic approach to quality developed by Phil Crosby in the financial backbone of an
enterprise reduces waste that has traditionally festered and thrived in business-process DNA. In addition, this paper
includes customer testimonials, keys to implementation success, and quantifiable benefits reported by case study participants.
The appendix describes the methodology employed during case-study development.
