Trade, Trafficking and Technology  White Paper


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Understanding Risk With Name Matching, Screening, Trade and More

Trade, Trafficking and Technology Testimonial quote
The U.S. Office of Foreign Assets Control (OFAC) and the European Commission, which are two of the most influential governmental bodies administering and enforcing sanctions, are increasingly focused on the entirety of a company’s supply chain. Companies are being held to task to know their customers, partners, suppliers’ partners, and other third-party vendors so they can identify risk at the trade transaction level and avoid sanctions breaches deep in their supply chain.

In addition to monetary fines for supplier risk, organizations that do not toe the line on sanctions compliance may lose their license to transport high-risk goods (a highly lucrative revenue stream), become a sanctioned entity themselves, and face reputational fallout.

Between the more aggressive regulatory stance on supply chains and the business and reputation-related considerations of a breach, companies are quickly learning that doing ‘the bare minimum’ for sanctions screening is no longer acceptable. Missing crucial sanctions alerts of designated entities due to inflexible screening algorithms and poor sanction list data puts the company at risk.

However, the global nature of business is complicated. Companies must navigate an interwoven and often fragile ecosystem of suppliers, shippers, intermediaries, freight forwarders, brokers, merchants, financial institutions, and end customers. That means not only working with multiple parties across time zones in unfamiliar markets and different languages, but also ensuring regulatory compliance at every step, in spite of inconsistent approaches to data and information.

This white paper brings together the longstanding data, screening, and compliance expertise from LexisNexis® Risk Solutions. It explores the issues of customer data and its impact on matching, delves into the various screening challenges in the supply chain, and offers insight into how technology can help mitigate risk and improve compliance.

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