Administrators and directors alike agree that having a Denied Party Screening process is always worth the investment when it comes to minimizing the risk of inadvertently connecting with restricted parties.
But a question companies need to ask themselves is how efficient they can make their approach to Restricted Party Screening. What happens in some instances is that upper management procrastinates on seeking a robust solution because of an erroneous notion that implementation would be too complex, disrupting, or costly. The truth, however, is that drawing a return on that investment isn’t too difficult.
Compliance measures such as restricted party screening can generate value for your business without slowing down internal operations and decision-making processes. By taking advantage of the digital tools available for screening and, even better, for automating screening, organizations can systematically weed out those so-called bad actors named in restricted government watch list.
The result is a strong competitive advantage you can’t miss out on. But what exactly does screening do, and what can you do to implement it in a smart way?
Why Sanctions Screening Matters
No company wants to be in the crosshairs of a government sanction due to a compliance violation. Not only are you fined for the mistake, but you risk the reputation of your organization significantly. Depending on the nature of the incident, the legal fine might even be the least of your worries.
You, like 3 out of 4 firms, want to prioritize regulatory risk management and compliance insurance. Part of that job is to check on the compliance level of any prospect you’re planning on working with.
The problem here is that compliance laws are more complicated than ever before, and you can’t rely solely on sales and marketing or legal to go through every connection. Sanctions screening should be a responsibility of the company as a whole rather than an afterthought for a separate department.
Common Misunderstandings about Sanctions List Screening
So, what causes business management to think twice about compliance screening? The traditional approach to this process currently in use by many firms does introduce several disadvantages:
- It’s slow. Global Sanctions Screening involves a few extra steps that can slow down the work of the sales and marketing department if it alone ends up with the responsibility.
- It involves a lot of human input. Like most compliance tasks, checking your contacts with the government watch list usually means more manual labor for your employees, which can take up precious work hours that could be used elsewhere.
- It can be frustrating. Even if you delegate these extra steps to a separate compliance team, what happens when one party your sales group has already approved ends up caught on a restricted list? You end up throwing out that candidate and wasting precious time.
It’s clear that there’s a demand for more efficient ways to approach screening, and the solution comes in the form of automation and dedicated software. Approximately 70% of businesses already use digital solutions for achieving higher compliance rates, so don’t miss out.
Combining Automated Screening Features with CRM Platforms
In order to create a more streamlined workflow, it’s recommended that you integrate your Global Sanctions Search with the Customer Relationship Management (CRM) platform you already use, including Salesforce, NetSuite, Microsoft Dynamics and many others.
If you use Salesforce currently for organizing your transactions and data, then consider adopting a third-party integration to help with compliance as well. Salesforce Screening uses the Descartes service to provide automated screening functionalities.
This way, you can make routine checks at every step of the interaction. The sales team will know instantly whether a prospect is on a restricted list. Another benefit is that such a solution guarantees that you are working with the most up-to-date copy of sanctions lists, as the government updates it constantly.
Compliance matters. Businesses need to make sure the connections they make are legal. By integrating screening features into a CRM platform, a company can improve its compliance posture without cutting down on efficiency.
To give yourself a competitive edge, empower your sales, marketing, legal, and compliance teams with Salesforce and Descartes.
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?
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.