Continuous Transaction Monitoring. Introductions. Oversight Systems Patrick Taylor, CEO Mark Converse, Director, Sales/Business Development Stephen Barbarisi, Regional Sales Director. Internal Audit Trends. 2009. 2010. Cost of Compliance Focus Resource reductions (25%)
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Continuous Transaction Monitoring
Patrick Taylor, CEO
Mark Converse, Director, Sales/Business Development
Stephen Barbarisi, Regional Sales Director
Typical organization loses 5% of revenues to fraud
Asset misappropriation the most common
Recovery is low, only 20% recover significant amounts of losses
Controls work: organizations with more robust fraud controls had lower losses
85% of perpetrators have never been charged before
13% of employees will steal if given the opportunity
Source: ACFE 2010 Report to the Nation
1.6% of vendor payments have errors
3.6% of vendor invoices contain errors
Companies average 1.1% error rates in T&E
Invoice input error rates – average 15.6%
43% of companies never clean Vendor Master File
Duplicate payments are still a problem
39% of companies had check fraud in past two years
Source: IOMA 2007 Benchmark Study
Example Transaction Process: Revenue Cycle
Libraries of Data Analytics
UI and Workflow
Oversight Clients:Monitoring $500B+ Transactions
Finance & Accounting Functions
Superior Data Acquisition
Practical Workbench and Dashboard
Proven Experience and Results
Find It.Inspect every transaction.
Fix It.Resolve every exception.
Prove It.Substantiate every resolution.