The stakes are high for sanctions compliance and the impact of false positives in denied party screening is severe. False positives inflate the cost of compliance, and carry hidden costs, obscure real threats, drains resources, and greatly increases the risk of sanctions violation and penalties. It is therefore mission critical to develop the right strategies for managing and minimizing the occurrence of false positives in denied party screening results.

In this video, we go over the three main causes of high false positives rates in denied party screening which include low quality data, inefficient screening manual / legacy processes, and poorly configured search filters. We also outline major focus areas that can reduce false positives and improve the accuracy of your denied party screening results. Here are the four key steps to take:

  1. Use high quality data that is complete, structured and accurate.
  2. Implement robust denied party screening software that is easily configurable and has up to date sanctions lists.
  3. Adopt efficient search tuning strategies that tailor search filters according to your risk profile and data sets.
  4. Investing in frequent training of your compliance staff as well as partnering with experienced vendors who have a strong sanctions compliance focus to optimize sanctions screening activities effectively.

Ready to optimize the accuracy of your sanctions compliance 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 sanction screening solution for your business. Descartes has a suite of restricted 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.