Global sanctions screening or denied party screening is a compliance process that checks whether an entity is listed on a global sanctions list, and as such is prohibited from being engaged commercially. Despite its necessity in securing business operations and mitigating regulatory risk, global sanctions screening is often a point of contention among business administrators and the sales function because if implemented inefficiently, it can be expensive to run, use a lot of manual labor, and cut into the productivity of the sales team.
In this video, Descartes Director of Industry Strategy, Jackson Wood, goes over what global sanctions list screening is, why it can be difficult to manage, explains how integrated sanction screening can help, and also shares tips on how you can implement it effectively in your sales process to accelerate growth. Here are a few major ways that integrated denied party screening supports business growth:
- Reduces Time Wasted: Integrated denied party screening automates compliance checks by embedding into existing sales workflows thereby speeding up the process of flagging entities that are restricted or debarred in the early stages of sales activities.
- Enhances Trust: Being able to demonstrate your high compliance rates with business partners and clients is a competitive advantage. In the current regulatory landscape, organizations are often held responsible for the compliance standing of third parties as such everyone involved in a transaction will be at ease knowing that you meet your regulatory obligation.
- Improves Efficiency: manually checking if an entity is on a restricted or denied party list can be time consuming. Automated and integrated denied party screening frees up valuable time for the sales team to focus on their main objective - growing the business.
Ready to boost sales velocity with your sanctions screening process? Descartes Denied Party Screening can help. The combination of our intelligent screening technology and our team of experienced subject matter experts will work with you to establish the most effective integrated denied party screening solution for your business. Descartes has a suite of denied party screening, trade content and global trade intelligence solutions to help you realize the screening efficiency you envision for your organization.
If you're interested in taking a look at our technology and ultimately transforming your compliance program, contact us today to speak to a denied party screening specialist. You can also read what our customers are saying about Descartes Denied Party Screening and see why we are listed as top 50 Best software for 2024 on G2- an online third-party business software review platform.