Failure to comply with export mandates could result in fines, denied payments, termination from federal programs, withdrawn funding or even jail time for responsible parties. Given the sheer number of restricted party entities and the need for fast-paced logistics processes, screening transaction partners manually is inefficient — and accuracy may be impossible to achieve. Many exporters use a technology solution to help them manage screening, but systems tend to vary in their degree of effectiveness.
The following six best practices explored in this white paper can help you improve compliance by selecting and leveraging a leading restricted party screening (RPS) solution:
- Expand your screening scope using additional sanctioned party lists
- Fully automate your screening process
- Support multiple integration methods
- Use advanced word-matching technologies
- Implement a cost-efficient solution your company can deploy quickly
- Manage the resolution process with workflow and escalations