When it comes to global trade, compliance can be complicated. Costs mount quickly when you make the wrong move. Manage your growing number of restricted party entities with speed and efficiency with the right Restricted Party Screening (RPS) solution. Increase compliance, avoid unnecessary fees – and adapt with ease when the future presents new challenges. Start with these six best practices.
Screening for sanctioned parties serves as the foundation for many compliance and security programs. The ability to evaluate trading partners is a fundamental component of an export management program and other compliance initiatives. Failure to screen has resulted in sanctions or fines for many small and large companies across various industries.
Demonstrating reasonable care is an important way for companies to mitigate their risk and exposure. Organizations face a number of challenges when it comes to restricted party screening (RPS):