Infographic: Top Reasons Why Businesses Need a Denied Party Screening SystemElectronic transactions, business integration and the continued rise of ecommerce are linking companies with information and driving growth. With increased connectivity comes a certain degree of risk and a greater probability that business may be transacted with denied, sanctioned or restricted parties.
A review of denied, sanctioned and restricted parties, also referred to as Denied Party Screening or DPS, is required to minimize risk and to lessen the potential of substantial fines. The scope of a comprehensive denied party screening system has expanded beyond traditional export compliance to include a range of factors and added complexity. The top reasons why companies require denied party screening include:
- Continuously changing DPS data
- An increasing number of global lists and entries
- The inefficiency of manual screening
- The requirement to screen historical data
- Large penalties levied for non-compliance
- The importance to demonstrate reasonable care and maintain an audit trail of reviews
- The need to screen financial interactions
- The rise of ecommerce
Descartes MK Denied Party Screening Solutions
Software as a Service (SaaS) offering, Descartes MK Denial.com is a web-based solution that delivers highly sophisticated capabilities on-demand.
Bulk ScreeningDescartes MK Bulk Screening solution can simultaneously screen thousands of customers or prospects against a selected range of denied and restricted parties. Customers can also choose to periodically schedule screenings to meet business requirements.
Dynamic Screening List
Descartes MK Dynamic Screening solution scans master customer data when a new entry is made in a denied party list and a notification report is automatically generated to notify of the result.
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