10 insights to ignite your creative spark on demand, with David B Goldstein
Oversight Insights on Demand Overview
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Transcript of Oversight Insights on Demand Overview
Insights On Demand
Automated Transaction Monitoring Made Simple
© 2016 Oversight Systems. All Rights Reserved. Confidential & Proprietary.
Most Issues Hidden in Expense Reports
2
Pet hotel expensed as lodging during business trip
Sold $200k of company equipment on eBay
Taxi ride expensed twice as transportation
© 2016 Oversight Systems. All Rights Reserved. Confidential & Proprietary.
Most Issues Hidden in Expense Reports
3
Pet hotel expensed as lodging during business trip
Sold $200k of company equipment on eBay
Taxi ride expensed twice as transportation
75.6% of Employees committing Expense Report Fraud are engaged in another
form of Occupational Fraud
© 2016 Oversight Systems. All Rights Reserved. Confidential & Proprietary.
Needle in the Haystack
4
• 0.6% of employees cause 25% of the high risk issues
• 10% people cause nearly 100% of the high risk issues
• 48 million transactions by 250,000 employees totaling $3B in spend
© 2016 Oversight Systems. All Rights Reserved. Confidential & Proprietary.
Manager Approval is Often an Ineffective Control
Clicking “Approve” is easy
Finding the behavior patterns is hard
© 2016 Oversight Systems. All Rights Reserved. Confidential & Proprietary.
Sample Audits Don’t Uncover Behavior Patterns
Transform the way you manage these risks.
Only 20% review
Possible positive confirmation bias
Hard to detect patterns
© 2016 Oversight Systems. All Rights Reserved. Confidential & Proprietary.
Insights On Demand – The Answers You Need
• Duplicate & Improper Payments• Duplicate & Invalid Vendors• Unusual Purchases• Vendor Master Risk
• Fraud & Misuse• Duplicate Submissions• Suspicious out of pocket• Meal & Lodging Outliers• Suspicious Keywords• Unusual Mileage• Excessive Personal Spend
• Out of Policy• Split Transactions• P-Card & AP Duplicates• P-Card & T&E Duplicates• Transaction Outlier
• Travel & Expense• Procure to Pay
© 2016 Oversight Systems. All Rights Reserved. Confidential & Proprietary.
Insights On Demand for T&E
• Fraud & Misuse: Detect high-risk transactions or patterns of misuse• Duplicate Submissions: Identify duplicate T&E submissions• Suspicious Out-of-Pocket: Detect excessive & suspicious out of pocket activity• Meal & Lodging Outliers: Identify outliers by city• Suspicious Keywords: Flag expenses with suspicious keywords or phrases• Unusual Mileage: Identify outlier mileage activity• Excessive Personal Spend: Detect patterns of excessive personal spend
© 2016 Oversight Systems. All Rights Reserved. Confidential & Proprietary.
Insights On Demand for Purchase Cards
• Out of Policy: Identify fraud and misuse out-of-policy activity• Split Transactions: Identify split purchases on a single card or across
multiple cards• P-Card & AP Duplicates: Detect duplicates between P-card transactions
and T&E expenses• P-Card & T&E Duplicates: Detect duplicates between P-card transactions
and AP invoices• Transaction Outlier: Detect high risk unusual transactions for employees
and merchants
© 2016 Oversight Systems. All Rights Reserved. Confidential & Proprietary.
Insights On Demand for Procure to Pay
• Duplicate & Improper Payments: Identify duplicate and improper invoices and payments that should not be processed
• Duplicate & Invalid Vendors: Detect and resolve duplicate or invalid vendor entries
• Unusual Purchases: Recognize unusual purchase orders or pricing for vendors, items, and buyers
• Vendor Master Risk: Identify vendors on watch lists and blacklists.
© 2016 Oversight Systems. All Rights Reserved. Confidential & Proprietary.
Insights On Demand for FCPA
• Travel & Expense: Identify transactions that are high risk due to the type of transaction, attendee(s) involved, and/or the country where the transaction occurs
• Procure to Pay: Identify transactions that are high risk due to the type of transaction, vendor type involved, and/or the country where the transaction occurs
© 2016 Oversight Systems. All Rights Reserved. Confidential & Proprietary.
Turn Key Solution – How It Works
Case Management
DashboardBoolean
RecurrenceFormatOutlier
Chaining
Temporal Meta Reasoning
Bayesian
StatisticalAggregation
Link
Organization Data
Benchmark Data
Third Party Data
Machine Learning
1 Acquire 3 Resolve2 Analyze
We Can Transform Your Travel Compliance Program
Fortune 10 Industrial• Reduced review effort by 82%• Eliminated Manager Approval• Enhanced Fraud Detection
– Went from firing 1 or 2 people/quarter to 5 or 6 people/week
2016 APRIL
Fortune 500 Manufacturer
© 2016 Oversight Systems. All Rights Reserved. Confidential & Proprietary.
Getting Started Is Easy
Tailor the analysis with a 15 minute risk survey.You can adjust the predefined risk survey to make sure the data analyzed and delivered is the way you want it.
Insights delivered to your fingertips.We deliver the analysis to you and our there to help guide you through the system making it easy to find the insights you need.
1We manage getting the data for you.Our data scientists will gather all the necessary data and import it into our system.
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Insights On Demand
Find out what Insights On Demand could do for your organization. Schedule a personal demo.
Request Demo