We were very impressed with the Oversight POC team
Atlanta (PRWEB) March 30, 2008
Oversight Systems, the leading provider of automated continuous monitoring software, today announced that Yahoo! Inc. has selected Oversight's solution for the company's financial transaction risk mitigation program.
Regarding the selection of Oversight, Rob Cook, Yahoo! vice president of Audit Services, said, "We were looking at continuous auditing for our General Ledger because we process a high volume of transactions. We wanted to provide the highest level of confidence in the integrity of our financial reporting, and we simply couldn't do it manually with the volume we were handling; we needed a solution to automate the transaction monitoring. We looked at a number of solutions, but ultimately it was Oversight Systems that offered the best fit to meet our needs."
The solution they selected is Oversight Systems' continuous monitoring software. Oversight serves as a "virtual auditor," enabling Yahoo! to provide world class assurance of the integrity of their financial information. Oversight's software combines an audit data warehouse, advanced analytics and automated resolution workflow into a single, integrated application that combines the tests and heuristics used by forensic accountants, auditors and fraud examiners to continuously inspect each transaction for errors, control-violations and fraud. Oversight's Workbench, with its integrated intelligent workflow system, makes it easy for the Yahoo! team to resolve any of the identified issues.
Although the Yahoo! selection team hadn't heard of Oversight Systems initially, one of the team members knew someone from Avery Dennison, an Oversight customer, and they recommended that Yahoo! take a look at Oversight. Calvin Courtland, senior director of Audit Services for Yahoo!, said, "Oversight stood out from the other solutions we were considering because of its Workbench, resolution workflow functionality, and the strength of its core analytics -- as displayed by the Oversight proof-of-concept (POC)."
In the POC, Oversight connected to Yahoo!'s Oracle General Leger system, extracted and mapped the data to the Oversight Data Locker, then ran the Oversight analytics against the data over a period of five business days. The results of the Oversight processes were accurate, and addressed Yahoo's key architecture and functionality requirements.
"We were very impressed with the Oversight POC team," said Courtland. "It took just a couple of days to deliver good results that we could take back to other groups in the company who had to review and approve the selection."
Since the POC, Yahoo! completed Oversight training and is in the midst of implementation. "We continue to be impressed with the architecture of Oversight," Courtland said. "It makes it easy for us to customize, and at the same time easy for Oversight to continue to develop and enhance the platform and keep us updated with the latest version, without causing conflicts with our custom work."
Cook concludes, "Working with the Oversight folks has been a good experience throughout the process. No matter who has shown up on the doorstep, from the pre-sales team, through the Oversight POC, and now the implementation team, we've enjoyed a good working relationship with the people from Oversight."
Implementation of the solution began the first week of March. It is expected to take approximately four weeks, and the rapid results produced through the Oversight POC have instilled a high level of confidence on the part of the Yahoo! team that they will hit their target of going into full production by the middle of April.
About Yahoo! Inc.
Yahoo! Inc. is a leading global Internet brand and one of the most trafficked Internet destinations worldwide. Yahoo! is focused on powering its communities of users, advertisers, publishers, and developers by creating indispensable experiences built on trust. Yahoo! is headquartered in Sunnyvale, California. For more information, visit pressroom.yahoo.com or the company's blog, Yodel Anecdotal, ycorpblog.com.
About Oversight Systems, Inc.
Oversight Systems takes continuous controls monitoring to the next level, with real-time transaction integrity inspection that provides companies with world-class assurance of the integrity of their financial information. Oversight's software provides a platform for continuous monitoring with powerful analytics that excel at finding problems, then raises the bar with an investigator's workbench for cost-effectively fixing the problem, and workflow-enabled audit trail and journaling for proving problem resolution and compliance. By inspecting each step of individual transactions across all financial systems, Oversight identifies all errors and fraud, drives defects out of the process, and sustains Sarbanes-Oxley compliance. For more information, visit http://www.oversightsystems.com.
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