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NEWS

Restricted
Party Screening

Automate and distribute screening functionality throughout your enterprise with dynamic PinPoint remediation of potential hits and custom workflows.

Screening, Remediation and Monitoring for all Enterprise Relationships

It is becoming more and more important to establish compliant relationships with all people and companies who may interact with your organization from the earliest point of contact. Restricted Party Screening enables large volume screening of early-cycle relationships with potential vendors, intermediaries, channel partners, customers, contractors, and employees.

The application brings the appropriate users across the enterprise into the process to remediate potential matches and issue approvals to continue the relationship.

Potential serious compliance issues are caught at the earliest point in the relationship, thereby forgoing future efforts that normally would take place to bring the relationship forward into your organization. This enables a much more efficient process and eliminates wasted resources.

Restricted Party Screening Highlights:

  • Open to the Enterprise: Allows the process to be started by any user, provided they are granted access to do so. No “seats” or restrictions to number of users.
  • Contact and/or Company Screening: Specific profiles for contacts and companies within Refinitiv’s World-Check reduces remediation efforts and enriches the results.
  • Bulk Screening Processes: The application enables bulk screening from files or initiated from internal systems that can push over a bulk set of records.
  • BlackBox Enabled: Restricted Party Screening allows for system-to-system connectivity through a reconfigurable API that allows systems such as Salesforce.com, SAP, and even homegrown systems to kick-off screening processes, retrieve and display results, and affect internal system processes.
  • De-Duplicated Profiles: World-Check data is de-duplicated, eliminating multi-matches and confusing results for your users.
  • PinPoint Automated Remediation: Our PinPoint technology adds a layer on top of World-Check’s matching algorithms to further reduce manual remediation efforts. Secondary identifiers that you may have on people and companies are used to highlight the most likely match out of the returned possibilities and ignore results that do not meet a minimum threshold score.
  • Distributed Remediation: The application can distribute remediation out to any compliance or other reviewers throughout your organization, and even outside of your organization as desired. For example, you may have rules that state if the screening subject is located in Japan, route any potential match to the APAC regional compliance officer for review. The possibilities for routing are endless.
  • Automated Source List Risk Rating: Restricted Party Screening can weight true matches against certain sources as low, medium, and high risk and thus can auto-affect statuses, routing, business rules, and much more. For example, your organization may determine that a match against the National Futures Association list should not be weighted as heavily for risk versus a hit against the OFAC SDN list (Office of Foreign Assets Control), as that would be a high risk. This removes the need for lower-level users to dissect the results, and only places the “matching” task on them, in the event that it is even needed, providing paralleled automation and efficiency of process.
Key Benefits of

Restricted Party Screening with 319 InSight

Unparalleled Precision of Data Collection & Analysis

PinPoint Matching to
Eliminate Redundancy

Restricted Party Screening

Identify & Mitigate
Downstream Risk Threats

Third-Party Due Diligence

Distribute Remediation &
Automate Continuous Monitoring

Compliance business processes are requiring integration to internal systems

In order to facilitate a truly transparent and compliant enterprise, compliance business processes must be embedded into all internal systems. ERP systems, HR systems, onboarding systems, accounting systems, and any other system must have controls in place to assure the business operations are run according to corporate policy.

319 InSight is a strong proponent of system-to-system connectivity, evidenced through its BlackBox application. This feature facilitates accuracy and ultimate control throughout the life cycle relationships that your organization has with its third-parties, customers, vendors, contractors, employees and any other internal or external relationships.