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 www.oversightsystems.com.
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