Effective global trade management, risk management and other corporate compliance initiatives require the ability to reliably screen your trading partners and avoid dealing with restricted or denied parties. There are many high-profile cases where companies have been fined or sanctioned for failing to adequately screen suppliers, customers and other business partners.
Restricted Party Screening (RPS) is challenging. Lists of restricted or excluded parties change frequently, and trading partners, customers and service providers must be constantly re-evaluated. Manually referencing company names and addresses against government screening lists is subject to interpretation and human error.
Given the sheer number of constrained parties and the need for fast-paced logistics processes, manually reviewing a customer or supplier base is inefficient — and potentially impossible. Many companies have acquired a technology solution to help them manage screening. But not all systems are equally effective.
This white paper outlines six best practices for using an RPS system to automate and improve your compliance processes, and provides insights into what to consider when choosing a solution. Read this white paper to understand how up-to-date sanctions data, automation, integration, and effective workflows combine to mitigate risk and reduce compliance costs.
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