Keep up with ever-changing regulations with multilevel, real-time sanctions screening for important trade relationships and legal verification for complex transactions.
Automate Data Collection, Sanctions Screening & Approvals
In today’s geopolitical environment, trade transactions are under an increased level of scrutiny and subject to constantly changing regulations. It is essential for any organization to gain control over their customer and end user relationships to assure compliance and to avoid irreparable damage that could arise from an unlawful transaction.
Trade Compliance Highlights:
- Custom, Flexible Questionnaires: Trade Compliance with 319 InSight allows for custom, flexible questionnaires that can collect any data from the appropriate contributors at the precise moment in the process when needed. Questionnaires can open and close like an “accordion” in order to gather the correct sets of information depending on any conditions.
- Clone Previous Submissions: The application allows users to “clone” a previous submission which speeds up the process for the user to re-enter or confirm data about a transaction. For example, if your organization is selling to the same customer over and over, and you need each transaction to be reviewed, the “clone” feature allows the user to create a new file with the previous file’s data already within it. Then the user can simply modify the specific elements of the transaction that may be different, such as dollar value or number of units, without the need to re-key information like the customer’s address or needing to re-screen the same customer.
- Automated, In-Line Screening: World-Check by Refinitiv can be integrated into the application and used inline to screen people and companies as information is entered within the process. Results can be used dynamically within automated workflow decisions that can affect risk scoring, approval pathways, continuous monitoring and much more. Coverage includes:
- Politically exposed persons (PEP), close associates, and family members
- State owned entities and state invested enterprises
- Global sanctions lists
- Narrative sanctions (sanctions ownership information)
- Global regulatory and law enforcement lists
- Negative media
- Iran economic interest (IEI)
- US SAM
- Seamlessly Involve External Counsel: The application can bring in external counsel to review trade transactions directly within the application, with their permissions and responsibilities tailored to the exact specification that you prefer. This eliminates inefficient “swivel-chair” processes, and in turn blends structured processes and unstructured case management into a seamless workflow to ensure smooth operations.
- Easy Business Rules Modification: As regulations continue to change as power trades hands throughout the global economic and political landscape, Trade Compliance within 319 InSight can easily adapt and evolve to fit new requirements on an ongoing basis.
- Powerful Reporting: As transactional data flows through the system, one-to-many dashboards can be deployed to reveal at-a-glance insights, reports, & follow-up items. Reporting can be configured to examine and analyze data to match any need, and importanly can help spot trends that require extra attention.
Key Benefits of
Trade Compliance with 319 InSight
Unmatched Agility to
Support Changing Regulations
Flexibility to Automate
Any Exception Process
Unparalleled Precision of
Data Collection & Analysis
Compliance business processes are becoming more complex each year
Mengqi Sun of the Wall Street Journal summarizes this phenomenon brilliantly in his piece, "Changing Role of Corporate Compliance Calls for Communication". He notes:
"The traditional tasks of compliance—minding sanctions, defending against bribery and money laundering—are increasingly complex. Corporate culture and executive conduct are testing compliance officers in new ways. At the same time, the geopolitical backdrop is ever more treacherous."
"As a result, compliance departments are taking on new responsibilities or working more closely with other departments to determine how to monitor and mitigate emerging risks..."
As a result, it is a must that your compliance platform is reconfigurable. A reconfigurable platform allows for quick, easy and continual modifications to its data capture, users, portals, dashboards and reports as needs evolve, without interrupting business operations whatsoever. Its unique architecture provides for configuration rather than development; significantly reducing the cycle time to deploy, update and enhance its functionality.
319 InSight is the market leader in reconfigurable technology, and prides itself on its ability to automate any compliance business process across the enterprise.