Oversight Systems Launches
Continuous Monitoring for OFAC Compliance
Oversight Automates Analysis
of Vendor & Customer files to Identify
Companies & Individuals that Support
Terrorism & Drug Trafficking
ATLANTA (Aug. 1, 2006) - 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.
About Oversight Systems, Inc.
Oversight takes continuous monitoring to the next level by combining an audit data warehouse, advanced analytics and workflow into a single, integrated, application. By inspecting each step of individual transactions across systems, Oversight identifies errors, control violations and fraud to drive higher levels of performance and compliance. Oversight's platform automates the entire life cycle finding problems in business processes, fixing those problems and proving the problems were resolved. Oversight is the solution of choice for those CFO's, CIO's and CISO's serious about compliance and enhancing their financial performance. For more information, visit www.oversightsystems.com.
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