Prevalent - Third-Party Risk Management’s Post

Does your institution or organization understand the repercussions of inefficiencies or disparate systems? New regulations and unpredictable watch list updates mean today's legitimate customer could be tomorrow's prohibited party. - Having the right regtech partner, #csi, to keep pace with regulations, risk management, and addressing present and future demands year over year remains critical in navigating the everchanging landscape. GREAT READ ~ Reach out to learn more. https://lnkd.in/ekZ6WAji #csi, #sanctions, #ofac, #regtech, #regulatorycompliance

Are you ready to tackle sanctions and trade compliance breaches head-on? Join us for an exclusive webinar in partnership with ThoughtLeaders4: Mitigating Sanctions Breach Risks: A Real-World Scenario and Strategic Response. 🗓 Date & Time: 25 June 2024, 12:00-13:00 BST In this session moderated by Control Risks' Associate Director Rebecca Hughes, experts Nabi Abdullaev and Oleg Kozlov, alongside Pinsent Masons Partner Stacy Keen, will walk you through a real-world scenario of a company caught in a sanctions breach. You'll gain invaluable insights on: ➡️ Navigating the investigative process after receiving a whistleblower report. ➡️ Leveraging business intelligence and forensic methods to mitigate risks. ➡️ Implementing forensic accounting techniques to uncover hidden breaches. ➡️ Enhancing your company's capacity to prevent future crises. 🔗 Register Now: https://lnkd.in/eZJtbxTC Don't miss this opportunity to strengthen your organisation's risk management strategy and ensure comprehensive compliance. Secure your spot today! #Compliance #Sanctions #RiskManagement #Webinar #ControlRisks #ForensicAccounting #BusinessIntelligence #LegalProfessionals

Does your company understand what a Foreign Prominent Public Official (FPPO) is, the laws concerning them, and your company must handle them? FPPOs relate to Sanctions and Watchlist Screening and Politically Exposed Persons (PEPs) checks, which have become indispensable for today's regulatory compliance obligations. It is essential that your company understands what FPPOs are, the risks they pose, the laws concerning them, and how you can ensure compliance. As a provider of leading identity verification, due diligence and risk assessment solutions, we can help your business ensure regulatory compliance and mitigate the risk of PEPs. To find out more, simply visit our website and request a demo. https://lnkd.in/d_xzTjFA

Great session covering Sanctions screening and algorithm tuning for accuracy. When it comes to risk mitigation, data governance is always a key factor. Important to assess all the ingestion points from where you collect data and the different types(IP address, ship-to different to bill-to, business registration numbers) Association of Certified Sanctions Specialists

A number of respondents have pointed out that the internet's increasing influence has heightened the susceptibility of organizations, including banks. Overall, there is a prevailing sentiment that the repercussions of the global financial crisis in the region have unearthed numerous long-running frauds, which might not have come to light otherwise. Furthermore, it is believed that challenging economic conditions could prompt companies to cut back on expenditures dedicated to fraud prevention measures, potentially exposing them to greater risks. https://lnkd.in/dpv3Fppk

Effective sanctions screening is crucial for maintaining compliance and reducing risks in today's complex global landscape.  🌍 As Michelle Gallagher and Ian Robinson of FTI Consulting emphasized in one of our webinars, "There are consequences for not screening, and there are consequences for screening failures." The efficiency of screening systems depends on their precise tuning and consistent application of best practices. 📈 Our FTIConsulting-sponsored webinar focused on providing practical advice and strategies to enhance screening procedures and maintain compliance with ever-evolving regulatory standards. In our latest content, we share key insights from the webinar, including: 1️⃣ Tailoring your screening to your company's geographical footprint and industry 2️⃣ Implementing robust data governance procedures 3️⃣ Regularly analyzing and updating your sanction lists 4️⃣ Leveraging AI while maintaining human oversight 5️⃣ Providing feedback to your screening software provider For a deeper dive into these crucial topics and more, subscribe to our ACSS newsletter: https://lnkd.in/e5aPcUGE 💡 Stay ahead of the curve in sanctions compliance with ACSS. Join our community today and access a wealth of resources, training, webinars, and networking opportunities to enhance your screening practices. #Sanctions #Compliance #SanctionsScreening #ComplianceBestPractices #DataGovernance #AIinSanctions #ACSS

Following on from Part 1: Global eKYC + Fraud I am now pleased to share Part 2: PEP + Sanctions. PEP screening is crucial for identifying high-risk individuals who may be involved in corrupt practices or money laundering. Ongoing monitoring ensures that the operator's database is up to date, allowing for real-time risk assessment. Failing to adequately perform these tasks can result in hefty fines and reputational damage. Read more here: https://lnkd.in/erpbRJfw As always, reach out to learn more, come see us at SiGMA World or book in a meeting 😄 #sigma2023 #AML #compliance

#compliancemanagement The available regulatory required reporting and tasks are so-called blessings in disguise as far as Compliance responsibilities are concerned. In the financial institutions world, AMLCFT tasks related are very much predefined which reduces the amount of uncertainty. The real difficult part is those non-defined regulatory and rules requiring Compliance Division attention. In the wake of ever rising rules, regulations and laws, the demand for greater and stronger Compliance with sympathy to its organisation businesses are rising. Educating folks what are key and important ensuring compliance to explicit rules, regulations and laws are key. Personal Data Protection Act, Local Regulatory rules, Local banking and financial services acts, International explicit rules, regulations and laws, Cyber security rules, regulations and laws, Exchange control rules, regulations and laws, Sustainable Investing Standards, Principle of Good Governance for Malaysia GLIC, CGSO Policy. Those are some of the policies requiring strong Compliance attentions at all time. Understanding the applicability and ways to get your organisation towing the requirements are key. Failing to do so, potential regulatory punishment awaits. That's a minute from me

This is a great AML/BSA training series.

Global supply squeeze hitting home? Confidently screen new suppliers and streamline transaction workflows with robust global risk data. Simplify risk-based screening. Download the brochure. #duediligence