AI analytics automatically detect off-policy and wasteful spend in fleet card transactions
ATLANTA, Sept. 19, 2019 (GLOBE NEWSWIRE) -- Oversight Systems, the world leader in employee-initiated spend management, today announced the availability of its new Fleet module to further extend the scope of its AI-powered audit and risk management platform. This new solution features purpose-built analytics that expand Oversight’s ability to automatically analyze and detect fraud or misuse in any card-based spend program, including T&E cards, P-cards and now fleet cards.
This new capability was driven by customer requests to more effectively control spend taking place through employee fleet card purchases. According to Oversight’s research, nearly 60% of financial professionals said their organizations struggle to identify wasteful, off-policy spending in their card programs. In addition, 40% noted challenges with forecasting employee-initiated spend, including fleet expenditures.
“Fleet card programs can be multi-million dollar exposure points for organizations with large mobile workforces,” said Terrence McCrossan, CEO of Oversight Systems. “Our new Fleet solution detects one-off misuse as well as suspicious spend patterns that often go undetected by in-house audit processes. With Oversight, organizations now have a complete picture of all employee card spend, including the ability to audit, analyze, manage and act on findings with greater accuracy and with significantly less effort than ever before.”
In addition to advanced audit and workflow functionality, Oversight’s solution includes in-depth dashboards and data analytics for easy visualization and analysis.
By automatically analyzing 100% of all card transactions, Oversight’s solution applies proprietary analytics to detect suspicious spend activity based on an organization’s distinct risk profile and purchasing patterns. “Our data shows that 90% of high-risk spend activity stems from 5% of employees,” said McCrossan. “With Oversight, organizations can pinpoint the employees that represent the highest risk and develop both pre- and post-intervention plans that prevent monetary loss and reputational damage.”
Oversight’s Fleet solution is available for both private-sector and public-sector organizations with fleet card programs. The software meets the strict data analysis standards of the GSA Smart Pay program. For more information about the Oversight Fleet solution, visit oversightsystems.com/solutions/fleet.
About Oversight Systems
Oversight System’s AI-powered audit and risk management platform continuously monitors and analyzes 100% of spend transactions to help organizations make better spend decisions, correct out-of-policy behavior, eliminate cash leakage, and maximize audit efficiency. In addition to card programs, Oversight offers the unique ability to monitor Payables and eProcurement processes to create a single view of all employee-initiated spend within an organization. Oversight is trusted by the world’s largest companies and US government agencies to identify enterprise spend risk no matter where it resides in their organizations.
Jessica Kirk, VP of Marketing