Restricted Party Screening

Your organization needs to ensure screening effectiveness based on current government watch lists by:

  • Mitigating the risk of trading with criminals and terrorists
  • Reducing regulatory and corporate risk
  • Preventing illegal transactions and the resulting fines
  • Streamlining the process through automation 

Key Challenges

  • Numerous and changing watch lists - Inaccurate or overlooked denied party list validation increases business risk for your organization

  • Increasing complexity - New legislation to constrain human trafficking, forced labor and environmental impacts results in expanding lists

  • Manual efforts - Relying on labor intensive screening slows down order cycle times and delay shipments

Capabilities

  • Screen and verify
    • Automatically conduct denied and sanctioned party screening including groups and individuals with known financial, criminal, or ethics violations.
  • Workflow aligned
    • You can perform third party screening background checks at any stage of the transaction based on an ad-hoc, batch or transaction basis as required.

  • Exception management
    • Alert capabilities help your organization to focus on clearing holds and speeding shipments rather than researching numerous matches.
  • Auditing and reporting
    • You can create an audit trail to highlight the when, what and why of screening activities for internal use or for an official audit, to more easily demonstrate due diligence.

Restricted Party Screening

Restricted Parties Intelligent Screening: QAD allows you to effectively screen trading partners to prevent doing business with those persons or entities that appear on the official lists published by government bodies and agencies around the world. The screening engine uses a combination of fuzzy logic, partial and exact matching and a phonetic algorithm to identify possible matches against the name and address details that are being checked. Matches are scored and based on system configuration for threshold levels. This system determines whether further action is required.

Smart White Listing: When a name or address has been identified as matching one on a denied party list and has been manually checked to be found to be in compliance, it can be put on a white list so that it will not repeatedly fail.

Embargoes: There are certain destinations which are subject to trade sanctions, embargoes and other restrictions. QAD checks to ensure that you are not attempting to trade with any designated embargoed country.

Compliance Management Console

The compliance console provides information on the compliance screening carried out for a transaction. It identifies the compliance checks that were performed and the outcome of each of these checks. It is possible to drill down for detailed information. Links to the requisite regulations are available if needed. The console is available to manage compliance issues for corrective action and provides your users and managers with a centralized source of information for all checks performed and actions taken for a single transaction.

Future Electronics Reduces Risk with Accurate Screening

This semiconductor distributor now processes orders quicker with fewer errors.

Further Information

The Value of Integrating Trade Compliance with Global Trade Management Software

Learn More

Denied Party Screening: Why it Matters

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What is Restricted Party Screening?

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