Compliance is not anyone’s favorite word. The angst and tension many procurement and AP staff work with on the daily is only exacerbated by the worry of accidentally violating terms of compliance. There are the considerations of the external world, such as the OFAC and debarment lists that haunt payments professionals (hello giant federal fine!), but there is also the world of internal compliance- much of it shifting with stunning regularity.
We recently spent time with Valarie Van Vlack, the Treasurer at Texas State University, discussing the role of Treasury in supporting the university’s mission, as well as the ubiquity- and creativity- of fraudsters attempting to scam higher education institutions. Excerpts are below. You can listen to the full interview here.
Clayton Deutsch has been a strategic advisor to PaymentWorks since our early days, bringing us decades of experience in the financial sector, most recently as CEO of Boston Private Bank. Prior to that he was a managing director at McKinsey. Clay brings an unrivaled perspective on what risk assessment entails and what is at stake for a company if a payments fraud gets through. Our head of strategy and market development, Taylor Nemeth, recently sat down with Clay to discuss why it’s so difficult to solve the problem of securely and efficiently onboarding vendors, and how this problem contributes to the overall risk a company needs to manage.
Originally recorded for our initial podcast, the conversation is excerpted below and has been edited for clarity. You can listen to the entire podcast here.
Mapping the landscape of insurance that businesses require to secure their property, assets, and employees is a massive and complex task. Policies are simultaneously hyper-specific and unintelligible; counsel and executives alike can find the paperwork confusing or obtuse.