Patrick Taylor, CEO of the new company Oversight Technologies, who also was once a key player at ISS, said their solution is geared to monitor and track the daily activities of companies' accounts payable departments to help prevent insider threats – whether intentional instances of misuse/fraud or simple mistakes.
Calling it "continuous transaction-incident monitoring," Taylor said Oversight's patent-pending monitoring technology targets the authorized users inside organizations – the "business hackers," to help reduce the occurrence of fraud or payment errors that have been reported to have a significant impact on corporate earnings each year.
He further explained that the Collaborative Reasoning Engine technology has already been piloted in many organizations since the return on investment (ROI) can be quickly realized. Losses due to such things as duplicate payments, process errors, and other mistakes, as well as check tampering can be abated through use of the Oversight solution. Anywhere from $200,000 per $1 million in payables to $1 million per $100 million in payables can be recovered, he said.
"We're protecting dollars, so there is a palpable ROI," he said.
Additionally, the solution helps organizations meet the security mandates put forth in such federal regulation as Sarbanes-Oxley, he said, by working like an experienced auditor in monitoring, alerting and tracking the various tactics insider criminals often undertake to steal from their companies.
The company's Continuous Transaction Incident Monitoring system is available March 22.