Compliance screening is a key part of managing regulatory risks. Business Radar offers a structured approach to identifying and managing risks tied to sanctions, politically exposed persons (PEPs), adverse media, and more.
Step 1: Understanding Risk Thresholds
Risk thresholds in Business Radar are predefined to ensure consistency and accuracy in screenings.
Predefined Categories: Risks are automatically classified into compliance categories such as sanctions, adverse media, or PEPs.
Automatic Prioritization: The system flags potential risks based on preset parameters, helping you focus on areas of highest concern.
Step 2: Running a Compliance Screening
You can perform a compliance screening by following these steps:
Select an Entity: Use the search bar to find a company or individual to screen.
Customize Your Screening:
Choose “Include All” to screen all related entities.
Manually select specific entities or individuals to focus the screening.
Run the Screening: Initiate the process, and the system will provide categorized results.
Step 3: Reviewing Screening Results
After completing a screening:
View Categorized Results: Risks are displayed under categories like sanctions, adverse media, and compliance. Each flagged item includes details to help you make informed decisions.
Take Action: You can confirm matches, mark items as false positives, or discard irrelevant findings. These actions help refine the overall risk assessment for your records.
Step 4: Saving and Sharing Results
Business Radar provides tools for storing and collaborating on compliance results:
Binders: Organize your screening results into Binders for easy access and team sharing.
Audit Trails: Request an audit trail to document actions taken during a screening. This is especially useful for internal reviews or regulatory audits.
Additional Tips
Regularly review flagged risks to ensure they remain relevant to your compliance objectives.
Use Binders to create a clear overview of previous screenings and team activity.
Conclusion
By following these steps, you can streamline your compliance screening process and maintain accurate records of your risk assessments.