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Oversight Systems, a vendor of continous monitoring systems is claiming that using their real-time inspection software can lead to tangible cost savings.

The savings come from automating control for Sarbanes-Oxley compliance. Oversight back their claim up with a survey from Compliance Matrix Group of Fortune 500 firms that use the software.

As executives struggle with the cost of compliance, they should evaluate IT solutions for real-time transaction inspection, which can automate compliance while creating business value, said Matthew Kovar, CFA, SOX practice director and principal for the Compliance Matrix Group.

The survery comes up with a typical vendor finding. It found that the average Fortune 500 company can save 75-95% on their SOX monitoring costs by replacing manual controls with automated ones.

The Compliance Matrix study quantifies the benefits of implementing a real-time transaction inspection solution and describes how Oversight System creates business value within the procure-to-pay and order-to-cash processes by eliminating mistakes and errors, such as improper payments, un-reconciled accounts for un-vouchered receipts, invoice errors, and unused discounts and credits.

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Keywords

Sarbanes-Oxley and monitoring

Oversight Systems

continous monitoring

Sarbanes-Oxley and automation

Compliance Matrix

Fortune 500

internal controls and automation