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Vendor Compliance - Implementing and Automating the OFAC Process

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Session Number: 27344
Track: Procurement to Pay
Sub-Categorization: Accounts Payable
Session Type: Case Study
Presenter: Michael Williams (Florida State University)
Co-presenter: Dawn Snyder (Florida State University)

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Target Audience: Functional
Audience Level: Beginner
Level of Customization: None or N/A
Project Phase: Production
Project Go Live: Q2 2009
Version Presenting: PS 9.0
Product: PeopleSoft
CPE Eligible: No

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Universities are prohibited from going business with any company, individual, vessel or country that has been sanctioned by U.S. Treasury Department - OFAC. The U.S. Treasury Department provides frequent updates to the Specially Designated Nationals (SDN) list. Failure to comply with OFAC regulations can carry fines up to one million dollars. This presentation will provide an overview of the configurations, security requirements, automating and lessons learned from implementing the OFAC process at Florida State University.