Having recently attended the European Compliance & Ethics Institute event in London, it’s very apparent that global corporations still have a long journey ahead to attain the utopia of a compliant community and culture.
A key aspect to uncovering and managing compliance breaches is to ensure any compliance programme created is consistent. One of the major challenges - and recommended actions - for organisations is to ‘join up the dots’, not only concerning their current compliance programme but also across the wider business functions. However many organisations operate in silos so this is easier said than done.
Another key focus from the event was to implement effective risk-based due diligence. I found this session particularly insightful and left with the following takeaways:
Joining the dots
So how should a company go about creating a consistent process for denied party/sanctions screening and due diligence reporting? The methodology you employ will often be driven by your company’s budget (which might be small) and internal processes (which will be multidisplinary). Technology should also play a big part in your in-depth transactional due diligence reports. There are a range of tools available for finding information on people, companies and countries and for satisfying regulators that appropriate – and consistent – checks have been carried out.
LexisNexis offer a suite of online tools that can easily help you create a consistent process for denied party/sanctions screening and due diligence reporting. For more information:
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