The OFAC (Office of Foreign Asset Control) feature is integrated into the software, making checking vendor risk and compliance scores easy.
PRINCETON, NJ (June 3, 2024) - CobbleStone Software – a recognized Leader in contract lifecycle management (CLM) according to the SPARK Matrix™ Report – continues to provide innovative and simple solutions to common CLM issues.
OFAC is a government financial intelligence and sanction enforcement agency under the U.S. Department of the Treasury. It enforces economic sanctions and trade measures based on established national security goals and U.S. foreign policies against targeted individuals and organizations.
This powerful feature integrates OFAC's national sanctions lists to quickly check if vendors are associated with foreign states, terrorists, those involved with WMD, those in enemy geographic locations, and others on the SDN (specially designed nationals) list.
The search is made simple by assigning a color to the score, making it easy to identify any potential matches. For example, a lower risk factor is indicated by a green/close to green score. With CobbleStone Contract Insight's intelligent data aggregation service, CobbleStone Software administrators can:
- Establish which available areas within their software system they want to be checked against the OFAC database.
- Define whether they want to include checks for Also Known As (AKA) records that search for potential aliases or other names for vendors and customers within OFAC's lists.
- Determine what is flagged as a "match" between vendor/customer and employee data and OFAC data based on a chosen percentage.
- Ongoing scheduled searches for chosen vendor, customer, and employee records to check statuses with consistent audits.
Click here to learn more.
"Having an integration for OFAC compliance reports is vital and beneficial to organizations. Users can easily search and run audits of vendors, knowing that the CobbleStone Contract Insight feature will provide accurate, secure, and valuable research information," says Mark Nastasi, EVP and Founder of CobbleStone Software.
Contact CobbleStone Software for a free demo.
For more information, email Sales@CobbleStoneSoftware.com or call 888-552-4582.
About CobbleStone Software:
CobbleStone Software is a celebrated leader in contract management software solutions whose flagship CLM software solution – CobbleStone Contract Insight – expedites contract management, vendor management, eProcurement, and eSourcing processes while offering seamless integrations, ease-of-use, and high scalability. CobbleStone's contract lifecycle management solutions provide simplified contract and vendor tracking, highly configurable email alerts, user-friendly calendar notifications, intelligent contract workflow automation, highly robust security options, streamlined authoring of contract templates with dynamic clauses, centralized revenue/cost management, detailed text indexing and searching, future-minded vendor/client ratings, robust document version control, custom contract management reports, speedy IntelliSign® electronic signatures, more intelligent contracts with VISDOM® artificial intelligence and machine learning, and more.
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