Exiger
Case Studies
Effective Sanctions Screening Process: A Case Study on Exiger's Solution
Overview
Effective Sanctions Screening Process: A Case Study on Exiger's SolutionExiger |
Cybersecurity & Privacy - Identity & Authentication Management Cybersecurity & Privacy - Security Compliance | |
National Security & Defense Retail | |
Quality Assurance | |
Leasing Finance Automation Onsite Human Safety Management | |
System Integration Training | |
Operational Impact
By implementing an effective sanctions screening process with the help of Exiger’s ScreenIQ, businesses can ensure that they are not inadvertently doing business with entities or individuals sanctioned by the government. This not only helps them avoid costly fines and reputational damage, but also ensures smooth operation of their international trade activities. The process involves determining high-risk operations, prioritizing data organization, prioritizing relevant data elements, setting up screening intervals, and checking compliance against relevant sanctions lists. This comprehensive approach ensures that all aspects of the business are considered when screening for sanctions, thereby reducing the risk of non-compliance. Furthermore, the use of a sanctions screening software can streamline the process, making it quicker and more accurate. This can lead to significant operational efficiencies and cost savings for the business. | |
Quantitative Benefit
Avoidance of costly fines such as the $9 billion fine faced by BNP Paribas for violating US sanctions | |
Efficient and effective sanctions screening process reducing time and resources spent on compliance | |
Reduced risk of reputational damage due to non-compliance with sanctions | |