Oversight Blog

What We Heard at Coca-Cola: Advancing Intelligence, Efficiency, and Visibility in Finance Risk

Christine Jones — Tue, 07 Apr 2026 15:20:12 GMT

Why T&E Controls Are Under Pressure to Evolve

Lori London — Thu, 26 Mar 2026 19:18:19 GMT

Why Regulators Are Signaling the End of Periodic-Only Audit

Lori London — Wed, 04 Mar 2026 14:30:00 GMT

Continuous Confidence Across Spend: Aligning Finance Leadership and Internal Audit in a Complex Risk Environment

Lori London — Wed, 25 Feb 2026 14:00:05 GMT

Why Analysts Are Reframing T&E as a Core Finance Risk Intelligence Challenge

Lori London — Tue, 27 Jan 2026 14:15:00 GMT

Why Analysts Say ERP Controls Alone Cannot Manage P2P Risk

Lori London — Tue, 27 Jan 2026 14:00:03 GMT

What Finance Risk Intelligence Means Across Modern Finance Teams

Lori London — Tue, 27 Jan 2026 13:45:02 GMT

What Everest Group Says About Finance Risk Intelligence

Lori London — Tue, 27 Jan 2026 13:30:00 GMT

AI in Finance: Cutting Cost Without Cutting Value

Lori London — Thu, 20 Nov 2025 15:21:32 GMT

In today’s financial climate, where uncertainty looms and budget pressure intensifies, the mandate for finance leaders is clear: do more with less. Yet, the question remains — how can organizations reduce operational costs without compromising oversight, accuracy, or strategic insight?

Beyond Five-Minute Agents: Why Responsible AI Wins in Enterprise Finance

stephanie.duran@oversight.com (Stephanie Duran) — Mon, 10 Nov 2025 22:40:27 GMT

Redefining “Agentic AI” for Enterprise Spend Monitoring

In recent months, “Agentic AI” has become the latest buzzword in finance automation. Vendors boast about agents that can spin up models in minutes, build their own rules, and make decisions with little to no human input.

See What You’re Missing: Hidden Costs Erode Financial Confidence

Oversight — Thu, 23 Oct 2025 15:03:50 GMT

In finance, what you can’t see can cost you.

Despite decades of investment in ERP, T&E, and procurement systems, most organizations still operate with hidden blind spots small but persistent errors that quietly drain millions. Duplicate payments, policy violations, missed credits, and approval gaps often go unnoticed until it’s too late.

According to the Association of Certified Fraud Examiners (ACFE), organizations lose up to 5% of their annual revenue to fraud, misuse, and error. For a $1B enterprise, that’s $50M in potential loss hiding in plain sight - not because the data doesn’t exist, but because teams can’t connect it fast enough.

Traditional audits and sample checks reveal symptoms, not causes. Modern finance requires continuous visibility and connected insight - a proactive model that transforms data into confidence.

From Siloed Signals to Strategic Advantage: The Power of Connected Risk

Lindsay Palmer — Wed, 24 Sep 2025 15:34:34 GMT

The Limits of Departmental Risk

Imagine this: Procurement flags a suspicious vendor behavior - something doesn’t quite add up. But the payment still goes through, because Finance never saw the red flag. Internal Audit catches it months later, under pressure from regulators. The damage is already done – capital lost, cycle times slowed, reputational risk amplified.

Proactive > Reactive: The Future of Finance is Predictive

Lindsay Palmer — Thu, 04 Sep 2025 14:34:38 GMT

The Problem with Reactive Finance

A CFO discovers, months after the fact, that duplicate vendor payments have tied up millions in working capital. The audit trail is messy, recovery drags into disputes with vendors, and leadership credibility takes a hit.

Why Oversight Resolution Services Outperforms Traditional BPOs in Managing Spend Risk

Bryce Celestan — Wed, 27 Aug 2025 16:38:54 GMT

The Hidden Cost of Spend Anomalies

Every finance leader knows the feeling. End of quarter is approaching, reports are due, and your system is flagging hundreds—sometimes thousands—of transactions that don’t look quite right. Some are policy violations, some are duplicate payments, and some are harmless but need to be reviewed.

The Behavior Beneath the Numbers: Rethinking Risk Detection

Lori London — Thu, 21 Aug 2025 14:56:57 GMT

CFOs today face a paradox. They have more financial data at their disposal than ever before, yet risks to spend, compliance, and efficiency are growing more costly and complex. The Association of Certified Fraud Examiners reports that organizations lose an estimated 5% of revenue each year to fraud and abuse, not counting indirect costs like reputation damage or lost productivity (ACFE Report). Gartner also finds that 70% of finance leaders say fragmented systems and processes limit their ability to act on risk and performance data, slowing decision-making and leaving risks undetected (Gartner Autonomous Finance Insight).

From Blind Spots to Insights: Why Financial Transaction Visibility Is the Foundation of Strategic Finance in 2025

Lori London — Thu, 14 Aug 2025 14:29:23 GMT

In today’s high-pressure finance environment, leaders across finance, shared services, and audit are being asked to do more with the same resources: control costs, enforce compliance, and contribute to business strategyall while increasing operational efficiency.

Beyond the Numbers: Why Vendor Statement Reconciliation Needs a Tech Upgrade

Oversight — Thu, 10 Apr 2025 20:25:14 GMT

Reconciliation, Reimagined Eliminating the Unseen in Finance

Think about the last time your team did vendor statement reconciliation. Chances are, it wasn’t exactly a moment of inspiration.

What You’re Not Catching: 10 Hidden Audit Risks in T&E and P-Card Spend

Oversight — Thu, 10 Apr 2025 20:22:46 GMT

Compliance Isn’t a Checkbox.

On the surface, most enterprise finance teams appear well-armed against non-compliance. Policies are published. Workflows are digitized. Periodic audits are checked off the list. But spend data doesn’t lie—and it tells a different story.

Risk Forward: Building an Integrated Strategy That Drives Confidence

Oversight — Tue, 11 Mar 2025 19:07:08 GMT

In today’s volatile business environment, enterprise risk management is no longer a back-office function—it’s a strategic imperative. Yet many organizations still rely on fragmented, reactive audit processes that fail to catch risk early or prevent recurrence. The solution? An integrated risk strategy that connects finance operations, compliance, and internal audit into a unified, proactive framework.

Streamlining Vendor Statement Reconciliation with Oversight

Oversight — Thu, 13 Feb 2025 15:42:30 GMT

Overcoming the Challenges of Manual Reconciliation

Vendor statement reconciliation is a crucial financial process that ensures your internal records align with vendor statements. However, many organizations still rely on antiquated methods, such as spreadsheets, leading to inefficiencies. The sheer volume of transaction data can be overwhelming, slowing the process and increasing the risk of costly errors. Missed payments and unnoticed overpayments can damage vendor relationships and impact financial accuracy.

Your ERP Transition Needs Oversight

Brent Jones — Wed, 25 Sep 2024 17:02:22 GMT

Why Implementing a New ERP is the Perfect Time to Partner with Oversight

As organizations prepare to implement a new ERP, it’s natural to focus on the promise of better efficiency, improved processes, and greater visibility across your operations.

Choosing the Best AI-Powered Solution for Your Finance Team?

Jason Schron — Wed, 14 Aug 2024 01:00:20 GMT

Choosing the Best AI-Powered Solution for Your Finance Team? Take a Model Approach.

Dumb AI exists - here's some things you can do to avoid it

Jason Schron — Mon, 05 Aug 2024 20:47:51 GMT

When selecting an Artificial Intelligence-powered solution for your finance function, make sure you choose wisely.

5 Steps to Keep Your AI Journey on the Right Track

Oversight — Thu, 30 May 2024 23:55:31 GMT

While taking off on the spur of the moment for destinations unknown can be great fun, it can also leave you stranded in the middle of nowhere, which is why most people plan their trips before they take them. After all, if you don’t know where you’re going, you’ll probably never get there.

The same concept applies to artificial intelligence. AI initiatives can provide a competitive advantage or they can be a waste of money. It depends on your approach. Like hitting the road when you don’t know where you’re going, rolling out new technology without a clear sense of direction will only get you lost.

Fortunately, you can avoid detours and keep AI initiatives moving forward with a few simple steps.

Artificial Intelligence: AI Demystified

Oversight — Wed, 17 Apr 2024 14:00:00 GMT

So, what IS this thing called ‘AI’?

That’s an intelligent question that nobody should be afraid to ask.

Here’s a reasonable working definition to start off with: ‘AI is the ability of a computer or machine to do what previously only humans could do.’ After all, machines have been doing stuff we can do - walking, running, hauling, writing, for centuries. But better. Think of the wheel. Or steam engines. Printing presses. Automobiles. All working harder and more powerfully to replicate human activities, but faster and more consistently. Magnifying what we can achieve, by going way beyond our natural physical strength or mental stamina.

Artificial Intelligence: The Technology Choice of Champions

Oversight — Tue, 09 Apr 2024 18:57:52 GMT

YOU – A champion in the making!

Organizations need AI thought leaders and AI champions, and YOU can become one of them. Leadership needs a business case and a set of clear coordinates for AI applications. Managers need team members who get this powerful new technology, who can see where it best fits into driving new levels of output and positive outcomes. You don’t have to wait for them to find AI champions from outside. This is your chance, your golden moment, to take ownership of the opportunity.

How AI is Shaping the Future of Financial Professionals

Nathanael L’Heureux — Wed, 28 Feb 2024 20:03:15 GMT

Join Jeanne Dion on an exciting journey through the cutting-edge world of finance, where she explores the transformative power of Artificial Intelligence (AI) alongside industry expert and Oversight’s Chief Solutions Ambassador, Nathanael L’Heureux.

AI – For Finance Professionals It’s The Natural Way Forward

Nathanael L’Heureux — Thu, 27 Jul 2023 15:44:27 GMT

Artificial Intelligence has caught the attention and imagination of the world. It will transform the way we do many things, not least in finance. Yet instead of being something to fear, Nathanael L'Heureux, Chief Client Officer at Oversight, argues that this technology is a natural extension of a well-established trend among finance professionals: applying the best available tools for the job.

Is AI coming for YOUR job? (Spoiler alert: No!)

dustin.armstrong@oversight.com (Dustin Armstrong) — Mon, 10 Jul 2023 15:10:33 GMT

Should Audit and Finance professionals have concern for the present AI revolution, and the associated nervous feelings about being ‘replaced’, sooner than later, by machines? Just the opposite: it will be your most powerful asset.

The Five Most Common Accounts Payable Mistakes

Nathanael L’Heureux — Fri, 10 Mar 2023 19:36:38 GMT

Many businesses with ERP systems and AP automation platforms falsely believe they will prevent cash leakage. But duplicate entries, overpayments, and fraud are still slipping through.

Controls Aren’t Enough: Why Finance Leaders Still Miss Millions in AP Cash Leakage

Oversight — Mon, 02 Jan 2023 13:00:00 GMT

Even with ERP rules and compliance controls, , gaps persist. Here’s how modern finance teams are closing them through AI-powered visibility and continuous monitoring.

The Necessity of Digital Transformation for Finance

Oversight — Fri, 16 Dec 2022 16:12:58 GMT

Everyone wants the latest and greatest devices when it comes to phones and other gadgets. And it's the same for business, as finance leaders manage the digital transformation of business, staying current on technology advancements is essential. As technology evolves, so must the way we run our businesses and finance teams.

You’ve seen the Headlines, Corporate Fraud is on the Rise

dustin.armstrong@oversight.com (Dustin Armstrong) — Tue, 13 Dec 2022 22:00:56 GMT

“Ex-bookkeeper arrested for stealing more than $185,000 from San Antonio homebuilder.”

Why Compliance is a Good and Necessary Investment

Oversight — Wed, 20 Jul 2022 17:00:41 GMT

Fair is fair when it comes to fighting for billion-dollar contracts, right? So, what’s the harm in flying a group of foreign officials to lavish destinations for a weekend of fun and indulgence?

The Four Step FCPA Compliance Checklist

Oversight — Tue, 28 Jun 2022 14:44:58 GMT

We entered a new phase in the fight against corporate bribery on June 21, 2022, when the UK company Glencore admitted to bribery after an investigation by the UK's Serious Fraud Office (SFO). The company also recently pled guilty in bribery investigations of several other countries including the U.S., making this a significant case of corporate bribery with calls for staggering fines to deter others from similar actions. Check out our FCPA compliance checklist below.

FCPA & Travel & Expense | Two Keys to FCPA Compliance with Technology

Oversight — Mon, 20 Jun 2022 19:02:16 GMT

You’re sitting at your desk when you get a call. “This is Tom from the Department of Justice (DOJ), we have reason to believe your company may be out of FCPA compliance. We are sending in auditors to assess the situation.”

AI Expense Management | How AI Can Uncover Hidden Expense Fraud

Oversight — Mon, 13 Jun 2022 15:45:00 GMT

Staying ahead of fraud in the corporate world can be a challenge. Expense management is one of the most easily defrauded systems in a corporation. Utilizing AI to combat fraud is an increasing necessity in an evolving world.

FCPA Compliance Software | Oversight Data Analytics

Oversight — Tue, 07 Jun 2022 13:00:00 GMT

FCPA compliance software is the key to success to ensure risk mitigation, or at least prove due diligence has occurred to prevent compliance violations. The benefit of the software is that it automates the production of FCPA data analytics.

FCPA Compliance in M&A | Four FCPA Case Studies to Learn From

Oversight — Thu, 02 Jun 2022 22:19:42 GMT

FCPA regulation is an evolving landscape, fortunately, case studies provide us with a window into the inner workings and past precedents of mergers and acquisitions. Each case study we dive into was based on an important ruling or outcome in different scenarios.

FCPA Due Diligence | Oversight

Oversight — Tue, 24 May 2022 10:30:00 GMT

Whenever I’m in the market to make a large purchase, I do my homework. Am I paying the right price? Is there an advantage to purchasing the item from one merchant or another? Does it come with a warranty? Can I get my money back if I don’t like it? Warranties and return options can protect my investment, and the answers to each of these questions will have an impact on my decision to buy or to walk away.

Similarly, when it comes to mergers and acquisitions (M&A), a purchasing company must complete extensive FCPA due diligence to protect themselves from potential FCPA compliance violations. Due diligence is expected in every step of the M&A process (pre-acquisition, contracting, pre-closing remediation, and post-transaction), so purchasers cannot afford to take any shortcuts.

Pre-acquisition Risk Assessment

During pre-acquisition, an initial risk assessment can provide details to help the purchaser determine the extent of FCPA due diligence needed. It also gives them the opportunity to identify any compliance-related provisions that may need to be included in the contract.

Identifying the jurisdiction(s) in which a target company operates is an important factor to be considered during FCPA risk assessment. Transparency International’s Corruption Perceptions Index (CPI) is a basic tool used for measuring corruption risk within relevant jurisdictions, and, while useful, the CPI is based on perception and can misrepresent the actual corruption risks that exist within a given jurisdiction. Corruption risk rankings can differ not only by country but also by the regions within that country.

Due to the imperfect nature of CPI, it is also necessary to provide basic knowledge of the target company, including size, ownership structure, industry type, location(s) of operations (and known corruption practices in those areas), and any government interactions. Is the company publicly traded and likely to have better corporate governance than a private entity? Or, does the target company’s industry have a higher risk for corruption due to more interaction with government officials?²

When completing an FCPA risk assessment, every aspect of the target company’s business dealings should be taken into consideration. For the acquiring company to form a view of a target’s risk profile, many questions should be asked:

FCPA Compliance and Control Infrastructure: Are the target’s policies and procedures adequately designed? Are employees and high-risk third parties appropriately trained? How are the control functions (legal, compliance, and audit) resourced? Has the company conducted a risk assessment? Has an external or internal audit recently tested any of the key compliance controls?

Corporate Governance and ESG: Who is on the board? What issues are escalated to the board? Have there been any allegations of wrongdoing or breaches of the target’s internal policies? Does the target have any material outstanding litigation or investigations? Is the target’s supply chain free from child and slave labor? How does the target’s operations impact the environment? Is there any adverse media coverage related to the target?

Government and Regulatory Touchpoints: What licenses, permits or regulatory approvals does the target need to conduct its business? Who obtained these approvals? Who is responsible for government relations? Are there any lobbying efforts, political contributions, or political engagement — either directly or through a trade association?

High-Risk Customers: To whom is the target selling its products or services? Are there any governmental or state-owned enterprise customers? If so, how is that business typically awarded? Who is responsible for maintaining relationships with customers? What (if any) gifts, hospitality, entertainment, travel, corporate sponsorships, or charitable donations are connected to sales efforts?

High-Risk Jurisdictions: Does the target have sales or operations in any high-risk jurisdictions? Who oversees sales and operations in high-risk jurisdictions? What (if any) gifts, hospitality, entertainment, travel, corporate sponsorships, or charitable donations occur in high-risk jurisdictions?

High-Risk Third Parties: Do the target’s third parties engage them to interact with governmental entities, state-owned enterprises, or government officials? Does the target rely on sales channel partners, such as wholesalers, distributors, resellers, joint venture partners, locally-sourced content providers, customs clearing agents or freight forwarders? Who are the target’s key suppliers, and where are they located? What are the target’s processes for FCPA due diligence and contracting with high-risk third parties?³

FCPA due diligence must be thorough

Pre-acquisition FCPA due diligence for mergers and acquisitions is necessary and should be thorough. U.S. authorities state that the standard of “appropriate due diligence is fact-specific and should vary based on industry, country, size and nature of the transaction, and the method and amount of third-party compensation.”⁴ While that sounds very official, what this statement does not include is a list of the sources or methods that should be used during FCPA due diligence. It is left up to those involved with the deal to decide how they will conduct the process.

Anti-corruption FCPA due diligence may include activities such as background checks on the target company, key members of management, and third parties (sales agents, distributors, consultants). If an existing compliance program is in place, it should both be reviewed on paper and evaluated in practice, if possible. Any interactions with, payments to, or other benefits provided to government officials, agencies, or anyone acting on their behalf should be assessed and reviewed. Additionally, any known, suspected, or alleged corruption-related issues will require a thorough investigation.⁵

FCPA due diligence procedures can be completed with written requests, on-the-ground interviews, management discussions, or forensic accounting research to better understand the control environment. Ideally, basic due diligence should provide enough information to “determine the importance and scope of contractual representations, warranties and other terms; identify areas for pre-closing and post-closing remediation, if possible; define the basic scope of post-acquisition diligence; and inform negotiations related to price and indemnities.”⁶

In the event any compliance issues are uncovered during FCPA due diligence, the purchasing company does not have to walk away from the deal. Steps can be taken to minimize exposure, including:

Issuing instructions to the target’s affected affiliates and employees to cease all illicit payments or other questionable conduct and taking steps to ensure that the conduct has indeed ceased
Requiring the target to disclose the conduct at issue to the DOJ/SEC and to the public
Requiring the target to suspend or terminate the officers and employees implicated in the potentially violative conduct, pending the results of an internal investigation
Implementing a comprehensive FCPA training program (or supplementing an existing training program) for the target company’s employees post-acquisition

The purchaser must also examine how the issues will be remediated to reduce any risk of liability in the future.

Contracting

In the contracting phase of a merger or acquisition, a purchaser should consider certain compliance provisions or clauses to attach to the contract. While such clauses should be meticulous, they do not replace the requirement for thorough FCPA due diligence.

One clause for consideration should address compliance with all applicable anti-corruption laws and regulations, especially FCPA and laws specific to the countries where the transaction is taking place. Another might consider veto rights over key decisions and the right to appoint officers over key business functions, in addition to the right to perform a compliance audit after the deal is completed with ongoing audit rights.

It is imperative to address the requirement to maintain an effective compliance program to monitor future behavior. If there is discovery of misconduct or corruption identified during FCPA due diligence, there should be provisions allowing for the purchaser to terminate a deal or remove any exceptions for confidentiality clauses so they can self-report their findings to the appropriate government authorities.

In the event of post-closing discovery of significant corruption or other issues, there should also be a clause for exit or put rights for the purchaser. If the company being acquired refuses to terminate a contract, litigation could lead to a significant decrease in the negotiated price.⁷

If FCPA liability is even a potential issue in a merger or acquisition, it is important for acquiring companies to include representations, warranties, and compensations within their deal documents that should cover the following:

That the target, and any of its owners, employees, affiliates, agents, or representatives have not violated the FCPA
That the target, and any of its owners, employees, affiliates, agents, or representatives will not violate the FCPA
That no foreign government official or relative of a foreign government official has an ownership interest in the target
That the target has received and reviewed a copy of the FCPA and understands its terms
That the target (to the extent it still exists after the merger or acquisition) shall indemnify the acquirer against any liabilities, losses, and expenses, including any civil or criminal fines, that the acquirer may incur as a result of any violations of the FCPA by the target
That the acquirer may cancel the merger or acquisition without any penalties should a violation of the FCPA be uncovered prior to the execution of the merger or acquisition⁸

Pre-close FCPA Due Diligence

If any concerns are discovered during the pre-acquisition or contracting FCPA due diligence phases, a purchaser can take action to remediate these issues. However, if remediation is not possible, an alternative would be to carve out any portion of the acquisition that is found to be tainted by corruption.

Before a deal closes, ethics and compliance officers must work with the target company to determine certain key factors:

Current controls: Are there already ethics and compliance and anti-corruption measures in place? For instance, is there a code of conduct, an anti-corruption policy, a gifts and entertainment process, adequate training, a helpline available for reporting, and established investigations processes?
High-risk touchpoints: Does the target have government clients, use intermediaries in pursuit of public sector business, or maintain operations in risky markets?
Transaction testing: Has high-level transaction testing identified any significant red flags, such as spending on gifts and entertainment, charitable or political contributions, and sponsorships?
Third parties: Which third parties does the target use? Have those relationships gone through due diligence? Does the target have contracts with those third parties? Are there adequate contractual provisions in those contracts, especially as they relate to high-risk third parties?

Integration should be a prime focus when finalizing a merger or acquisition. Senior management will set the tone around ethics and compliance with the newly acquired company’s employees by sharing the company’s resources, highlighting corporate policies and procedures, and expressing their commitment to non-retaliation. Code of conduct and anti-corruption training should be established and assigned to all employees.

Communication is very important throughout and following the integration process.

The ethics and compliance team should always have a seat at the table during M&A. Any violations discovered during diligence should be disclosed to the DOJ and SEC. Any risks outside of anti-corruption should also be considered pre-close.⁹

Post-close FCPA due diligence

It may not be possible to fully address all compliance risks during pre-close due to deal dynamics and limited timelines. However, while it might be easier to complete these procedures during the post-close process, contract provisions will determine whether the seller will have any trailing obligations.¹⁰

The US DOJ provided formal guidance in Opinion Procedure Release 14-02 that encourages companies engaging in mergers and acquisitions to ‘implement the acquiring company’s code of conduct and anti-corruption policies as quickly as practicable’ to ‘conduct FCPA and other relevant training for the acquired entity’s directors and employees, as well as third-party agents and partners’ and to ‘conduct an FCPA-specific audit of the acquired entity as quickly as practicable’.¹¹

Acquirers should also consider undertaking a post-acquisition compliance review and/or post-acquisition audit as soon as practicable, depending on the extent of their pre-acquisition FCPA due diligence. Any decision-making regarding the timing of these reviews or audits should be documented.

Immediately taking steps to remediate any compliance issues or wrongdoings discovered in pre-closing or post-closing diligence is perhaps the most important action for an acquiring company to complete. Self-reporting any issues to relevant enforcement agencies warrants careful consideration and should be discussed with counsel.¹²

Summary FCPA due diligence

If a purchasing company identifies misconduct during the FCPA due diligence process or through post-acquisition efforts, they can self-disclose the misconduct to the government. With the purchaser showing full cooperation and appropriately remediating the issue, the FCPA corporate enforcement policy can apply the same benefit to the purchasing entity as it would to an individual – “the presumption of a declination with disgorgement of any ill-gotten gains resulting from the misconduct.”

Conducting thorough FCPA due diligence in every phase of M&A can result in improved compliance programs and internal controls as well as a reduction of the risk for continued bribery at a target company. It also allows for both parties to negotiate who will bear the responsibility of continued investigation or remediation efforts for any issues discovered during the process. Most importantly, due diligence demonstrates (to the DOJ and SEC) a high level of commitment to the discovery and prevention of any future FCPA violations.

In Part Three, we will walk through a few case studies that effectively demonstrate what can happen when FCPA due diligence is not effective.

How can Oversight help you today? Subscribe and follow along with our Nothing Gets by You Now Blog Series or visit our website to learn more about how our AI platform can help you automate manual processes and empower you to See It All. Spot The Patterns. Steer The Future.

The Foreign Corrupt Practices Act (FCPA), enacted in 1977, generally prohibits the payment of bribes to foreign officials to assist in obtaining or retaining business. The FCPA can apply to prohibited conduct anywhere in the world and extends to publicly traded companies and their officers, directors, employees, stockholders, and agents. Agents can include third-party agents, consultants, distributors, joint-venture partners, and others.

FCPA Compliance in M&A | Oversight

Oversight — Thu, 19 May 2022 12:00:00 GMT

Top 6 Employee Business Expense Trends To Look Out For

Oversight — Mon, 11 Apr 2022 17:45:40 GMT

Employee business expenses have evolved over the past few years. Some employees continue to from home, and others have new “hybrid” work schedules. Travel spend is (still) down in general, but the risk of wasteful and unnecessary spend still exists. To push forward, we must look at our past spending decisions to identify where improvement in business expense policies and compliance training is needed.

AI and Automation are Key to FCPA Compliance Monitoring

Oversight — Mon, 21 Mar 2022 18:09:00 GMT

Ccorruption and bribery can be complicated to understand. When framed within the Foreign Corrupt Practices Act (FCPA), the rules and regulations become even more complex. It’s important to realize just how serious this subject is, and how vital it is for companies to have sufficient programs in place to mitigate the risk of violation.

Spend Risk: What you might be missing using audit sampling.

Oversight — Fri, 04 Mar 2022 18:52:36 GMT

Life is full of choices and opportunities, and let’s face it – we humans don’t always make the best decisions. While there might be a few skeletons in my closet, an auditor would never find a questionable purchase on one of my expense reports when conducting a travel and expense audit.

Split Transactions Can Signal Potential Purchase Card Abuse

Oversight — Wed, 02 Feb 2022 15:00:00 GMT

Employee Purchase Cards, or P-Cards, are work credit cards that allow employees to make smaller, routine purchases. P-Cards can lower operational costs by automating supplier payments and streamlining the overall procurement process, but they can also open the door to new risks like fraud and abuse.

How Bizarre, How Bizarre Ooh, baby – it’s (still) making me crazy!

Oversight — Wed, 19 Jan 2022 17:17:29 GMT

I loved growing up in the 80s and 90s when music was like, so much fun! If you are a member of Gen X like me, you may be singing to yourself after reading that title. But for those who have no idea what I’m talking about, go check out #howbizarre on TikTok for some good laughs.

A New Year Brings New Risk And A New Voice

Oversight — Wed, 05 Jan 2022 16:45:00 GMT

As the sun rises in 2022, most of us are taking the time to reflect on 2021 and what we would like the New Year to bring us, or not bring us. Am I right? This is not so different than what finance teams are doing as last year’s books are closed and new goals are set for this year’s travel and spending budgets.

11 Statistics Why No Organization Is Immune To Financial Fraud

Oversight — Wed, 22 Dec 2021 13:00:00 GMT

Organizations around the world lose approximately five percent of their annual revenues to financial fraud, according to a survey by The Association of Certified Fraud Examiners (ACFE). The data can be surprising and gains the attention of anti-fraud practitioners, organizational leaders, and financial managers. Here, we reference 11 statistics that prove no organization is immune to the misrepresentation of financial assets.

What is financial fraud?

Financial fraud can be defined as a deliberate misrepresentation to gain an advantage over another party. According to the ACFE, they are perpetrated by individuals or organizations to obtain money, property, or services; to avoid payment or loss of services, or to secure personal or business advantage. It comes in many different forms, including financial statements, the misappropriation of assets (theft) and cover-ups. Below, read how asset misappropriation is seen across the organization.

Financial Fraud Statistics

Organizations lose an average of 7% of gross revenue to fraud each year?
The most common method by which fraud is detected is tips? Over 46% of cases detected are reported via a tip from an employee, vendor, or whistle-blower.
Fraudulent financial reporting is twice as common in organizations as billing schemes?
Organizations that implement entity-wide fraud awareness training cut losses by 52%.
74% of employees report that they have observed or have firsthand knowledge of wrongdoing in their organization in the past 12 months.
The average fraudulent financial reporting costs the victim organization $2 million, while the average loss per incident of billing fraud is only $100,000.
The majority of public companies investigated by the Securities and Exchange Commission (SEC) for fraud subsequently suffer a substantial decline in stock price (50% or more).
It takes an average of 24 months for a fraud to be detected.
One-third of large-organization executives say they have no documented investigative policies or procedures for fraud, and one-half have no incident response plan.
One-quarter of companies consider themselves highly vulnerable to information theft, and 29% have experienced information theft, loss, or attack in the past three years.
The most common type of fraud affecting institutions, by far, is theft of assets—which can include money, services, or physical assets.

Establish A Risk Mitigation Strategy To Defend Against Financial Fraud

Every organization should have a well-established risk mitigation strategy in place to ensure due diligence in the detection and prevention of occupational fraud. While using internal controls and manual auditing is helpful, this is not a complete solution. Continuous monitoring is imperative, and the use of systems to identify potential cash leakage, gaps in approval processes, risky vendors, and inappropriate spend is now readily available. Annual financial fraud awareness training for all employees should also be required.

Want to learn more about Oversight capabilities? Subscribe and follow along with our Nothing Gets by You Now Blog Series or visit our website to learn more about how our AI platform can help you automate manual processes and empower you to See It All. Spot The Patterns. Steer The Future.

¹Work Cited: Goldmann, Peter. “Anti-Fraud Risk and Control Workbook: Goldmann, Peter, Kaufman, Hilton: 9780470496534.” com, Wiley, July 2009, https://www.amazon.com/Anti-Fraud-Control-Workbook-Peter-Goldmann/dp/0470496533. Accessed 9 December 2021.

Will AI Replace Humans in Finance?

Oversight — Tue, 30 Nov 2021 13:30:00 GMT

One of the most effective and intimidating advancements in finance is the adoption of artificial intelligence (AI) to transform the industry with streamlined processes. As technology continues to advance, there seems to be a growing fear that AI will replace humans in every conceivable professional field.

CFO’s on a Rising Tide of Change

Oversight — Thu, 11 Nov 2021 15:45:00 GMT

If you’re lucky enough to be in charge of an organization’s finances, you’ve had your share of headaches. Perhaps none have been as pervasive as the last few years, however. Pandemic notwithstanding, the role of the Chief Financial Officer has changed. This week’s Fortune declared that CFO’s “can’t hide from tech.” We agree.