Kick Start Corporate Risk Management During International Fraud Awareness Week

Oversight Systems recommends inspecting financial transactions in business
processes to better identify fraud, misuse and error.

ATLANTA, Nov. 12 /PRNewswire/ -- In today's business climate, performance
pressures, incentives, limited resources and job uncertainty can all drive
incidents of fraud and misconduct. In recognition of International Fraud
Awareness Week (November 8-14), Oversight Systems, the leader in continuous
transaction monitoring, wants companies to consider an in-depth evaluation of
their internal processes and systems to better identify potential fraudulent
activities and mitigate their risks.

Consider these sobering statistics:

-- Of the estimated $994 billion that companies collectively lost in 2008
due to fraud, more than one-quarter of U.S. businesses experienced
losses of at least $1 million each, according to a recent survey by
the
Association of Certified Fraud Examiners (ACFE).
-- ACFE further indicated that typical fraud incidents lasted two years,
noting a lack of internal controls as the most common factor that
allowed the fraud to occur.

-- A recent KPMG forensic study found nearly three out of four employees
(74 percent) had personally observed or had firsthand knowledge of
wrongdoing within their organizations during the last year.

"Many organizations focus on unstructured data that resides in emails and
documents as being at-risk for loss, misuse or theft. However, companies need
to also consider the vast amount of structured data residing in their
day-to-day financial systems," said Chris Rossie, vice president, Business
Development, at Oversight. "Accounting, HR/payroll and expense management
systems can provide incredible insight into potentially fraudulent activities
taking place within routine financial business transactions."

According to Rossie, structured data can be analyzed and continuously
monitored through software applications, helping companies to identify broad
abuse or errors faster, instead of relying on more costly and time-intensive
after-the-fact analysis. Oversight software monitors business controls for
corporate and government procure-to-pay, company card, master data and other
operations by working with a broad range of ERP and financial systems,
including Oracle's E-Business Suite and SAP. Most Oversight customers see a
return on their investment within a few months of deployment.

In recognition of International Fraud Awareness Week, Oversight suggests
companies begin by performing a proactive-data analysis that looks at
historical information and tests for certain anomalies in their transactional
histories. Such activities can be performed internally or by an outside audit
firm.

International Fraud Awareness Week is an annual campaign that encourages
business leaders and employees to take steps to minimize fraud by promoting
anti-fraud awareness and education.

About Oversight Systems
Oversight Systems, the leader in continuous controls monitoring for
transactions, improves the accuracy and efficiency of key financial processes
for some of the world's largest companies and government organizations
producing gains in overall financial performance. Oversight's software drives
cost savings, reduces risk and strengthens policy compliance for CFOs,
controllers, business process owners and auditors by increasing transparency
and visibility into their financial processes. More information is located at
www.oversightsystems.com.

The Oversight Systems name and trademark are exclusively licensed to Oversight
Systems, Inc. All other products or company names mentioned are used for
identification purposes only, and may be trademarks of their respective
owners.

SOURCE Oversight Systems

Angela McMahon, Carabiner Communications, +1-404-543-9636,
amcmahon@carabinerpr.com; or David Gerulski, Oversight Systems,
+1-770-984-4623, david.gerulski@oversightsystems.com