Businesses today are expected to uphold not only their own governance, risk management, and compliance (GRC) but also consider the legal standing of those whom they work with. For example, every time the sales team closes a deal, steps have to be taken to help ensure that the associated company or individual is not on any sanctioned, restricted, or denied party list.
While the sales and marketing department clearly wants to maximize sales, it should still look for red flags during the transaction. Simply being on the denied parties list is not enough. Companies also need to determine whether a customer has little business background or is attempting to push for the sale without knowing enough about the product or service. These red flags are some basic signs of legally risky deals.
Sanctions, Restricted and Denied Party Screening is an important yet often misunderstood aspect of business-grade compliance. Read on to find out how you can integrate this process directly into the customer relationship management (CRM) platform you already use.
Why It Matters
Sanctions, Restricted and Denied Party List Screening prevents you from accidentally doing business with a sanctioned entity, which can be a legal compliance issue that comes with significant fines and penalties. You also run the risk of losing trust and damaging the reputation of your business if you have a record of compliance violations.
And because these types of violations can occur at any point with any externally facing department, screening should be built into the overall workflow of the company and not just delegated to a separate compliance team. This way, you can:
• Reduce business risk of working with illegal entities;
• Increase sales velocity by simplifying the customer onboarding process and eliminating time spent on non-viable prospects; and
• Demonstrate your company’s commitment to compliance by embedding it in the business.
Progressive companies are always looking for ways to strengthen their compliance efforts and doing so without disrupting regular workflows can reap significant benefits for the organization.
Using Automation To Your Advantage
There’s a strong argument for integrating Global Sanctions, Restricted and Denied Party Screening into your customer relationship management platform. On top of making it easier for multiple teams to collaborate on compliance, you can utilize automation to cut down on an otherwise time-consuming manual process.
It’s well known that compliance violations can occur not only within departments but also during inter-departmental business processes. Whether a potential problem arises in the sales and marketing department or in human resources, having a centralized collaboration-focused approach to ensuring compliance matters now more than ever.
Having to cross-check current prospects with sanctions lists manually is also a time-consuming task, especially in the sales team when you’re dealing with a large volume of contacts and leads. This slower, traditional approach is actually why some managers criticize compliance processes, as they are well-known for slowing down business deals and decisions.
Automation now cuts down on the manual work to enable faster and more comprehensive compliance due diligence. Best of all, it can be built into a CRM platform for a seamless experience.
Combining Salesforce and Descartes For Comprehensive Screening
Incident response can cost up to a million dollars on average for a business, so preventing these issues from coming up to begin with is always worth it.
Salesforce Screening combines the features of the Salesforce customer relationship management platform with the Sanctions, Restricted and Denied Party Screening functions of Descartes. The result is a powerful tool for accelerating the sales cycle while still cutting down on noncompliance.
The automated nature of this tool keeps you on top of governmental audits, as it creates a digital trail for easy government auditing. You are also always working with the most up-to-date copy of the sanctions list this way. Automated rescreening notifies sales representatives immediately the moment a prospect matches with the official watch list.
Read our white paper to get more detailed information about Performing Effective and Comprehensive Denied Party Screening Within the Salesforce CRM or visit our Salesforce screening resource center.
How can Descartes Help?
To help manage compliance risks more effectively, Descartes provides a range of denied party screening and 3rd party risk management solutions, including integration with Salesforce.
Descartes Visual Compliance solutions are flexible and modular, allowing organizations to pick the specific and exact functionality and content they need for their particular compliance needs and scale up later as and when necessary.
By utilizing our robust solutions, organizations can strengthen their compliance processes, enhance their competitive edge and increase sales velocity.
Are you interested in learning more about how Descartes can enhance your Salesforce deployment? Contact us today to get started.