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):
Given the sheer number of restricted party entities and the need for fast-paced logistics processes, screening a customer base manually is inefficient — and it may be impossible. Many companies have acquired a technology solution to help them manage screening, but systems tend to vary in their degree of effectiveness.