Thursday, August 03, 2006
Oversight Systems Launches Continuous Monitoring for OFAC Compliance
Oversight Systems Inc., the leading provider of continuous monitoring solutions, today announced the launch of OFAC compliance functionality into the Oversight solutions for procure-to-pay and order-to-cash.
As demanded by the Patriot Act and regulated by the Office of Foreign Asset Control, U.S. companies must not conduct business with individuals, companies, organizations and countries that support terrorism or drug trafficking or otherwise find themselves on the OFAC list of Specially Designated Nationals and Blocked Persons.
"The Patriot Act raises the bar for OFAC compliance, and financial executives must be on constant guard to monitor their vendors, contractors and customers -- or face stiff penalties and government scrutiny," Oversight Systems CEO Patrick Taylor said. "By integrating the SDN list with Oversight's advanced analysis, Oversight delivers precise results for a centralized and fully automated control that ensures OFAC compliance."
Oversight's continuous monitoring platform and real-time transaction inspection maintain all updates to OFAC's designated list and automates the analysis of every vendor, contractor, customer and -- more importantly -- your company's financial transactions for potential violations.
For businesses with decentralized order-to-cash and procure-to-pay processes, Oversight delivers centralized controls over all financial systems and disparate financial operations. Companies with centralized financial operations rely on Oversight to automate their controls for OFAC compliance.
posted by Brian Moran @ 10:00 AM