Have summaries of our latest blogs delivered to your inbox, so you can stay up to date on the topics and current events that matter to your business.
In 2021, McKinsey, in collaboration with the Federation of European Risk Management Associations (FERMA), conducted a survey on resilience behavior and organizational management. Noting a “striking...
How well do you know your individual financial services competitors and the competitive landscape in which you operate? When it comes to putting together useful business intelligence, SWOT analysis is...
The media landscape is always changing. New platforms and communications channels are seemingly introduced daily; trends develop at a moment’s notice and then are gone in a flash. What that means...
As issues around sustainability, human rights and social responsibility continue to dominate headlines, corporations are facing increased pressure to prioritize Environmental, Social and Governance (ESG...
In today's climate, saving money, fueling growth, and protecting against risk are imperative goals for financial service organizations. While there are a million and one ways to accomplish any of these...
With the ever-growing focus on ESG and increased compliance legislation across the globe, it has become even more important for business to keep up with regulation to avoid costly sanctions.
Even if your business is not violating the law directly, you can be found liable for sanctions if your third-party partners are violating the law. That's why a rigorous and continuous due diligence process is so important.
In this post, we'll go over 9 steps to make sure your due diligence is up to par so you manage your risk of sanctions or other consequences.
Sanctions involve a wide range of measures—from asset freezes to trade embargoes—to exact pressure on individuals, organizations, and nation states to meet international and national standards of conduct. What’s more, the number of sanctions regimes continues to grow, further complicating on-going risk management.
The costs of inadequate sanctions screenings are significant, including potential reputational damage, substantial fines, and exclusion from future business contracts.
Fortunately, you can mitigate your sanction risk with thorough due diligence screening.
MORE: Round up of recent fines
Keeping a constant eye on sanctions, watchlists, politically exposed persons (PEPs), and state owned enterprises (SOEs) demands a proactive approach. Here are 10 best practices to follow when implementing sanction checks:
Want more details on these critical steps? Download the factsheet.
Don’t wait for an enforcement action to put these best practices in place. Arrange a trial of Nexis Diligence+™ to see how it enables sanctions due diligence and more!