One of the biggest factors in strengthening your business’s reputation is ensuring the presence of a strong compliance program. Companies with efficient compliance programs are equipped to uphold internal policies and practices that ensure maximum security. These programs examine set rules regarding their industry in order to implement certain procedures, both internally and externally.
Compliance programs are important to maintaining because you may unknowingly break local laws and regulations which could lead to large regulatory fines, sanctions, and penalties. If penalties occur, you will be creating costly delays in business development processes that will add up in the long term. In our highly globalized society, companies may accidentally break international laws or cause threats to national security through business with unscreened customers and visitors.
Compliance programs are key in every successful organization and watch list screening is a fundamental aspect of compliance, no matter what industry your company is a part of. Here are three big reasons why watch list screening must be incorporated into your compliance program:
With OCR’s Watch List Screening product, it is easy to screen and rescreen thousands of names automatically. Regularly checking your partners and customers’ status and history will help you stay updated, and with OCR’s product, you also gain access to the most recent denied party lists, provided by both government and non-government sources. As mentioned earlier, not maintaining your screening can lead to large fines and penalties, therefore using a watch list screening process against lists can provide up-to-date accuracy. OCR’s list sources include global trade embargoes and sanctions, OFAC financial sanctions programs, Anti-Money Laundering (AML) checklist, Foreign Corrupt Practices Act (FCPA), Politically Exposed Parties (PEP), Medical and Pharmaceutical Exclusions, Law Enforcement and many more.
OCR’s Watch List Screening solution allows companies to inform specific departments of solutions using our system of detailed result alerts and notifications. Teams can be updated on match status, and the process is kept transparent. Reports are customizable, adjusting to any industry or company goals. An important aspect of this tool is that audit trails can be generated in the click of a button – these trails keep all individuals working in the company accountable and allows management to view any actions taken on the system. Along with reports and audit trails, automated alerts can be configured to remind managers of any follow-up actions or past tasks that must be completed.
Time-consuming and repetitive data entry is eliminated once OCR’s Watch List Screening solution is installed and seamlessly integrated with any third-party ERP systems. All compliance processes are streamlined and simplified so you are able to reduce overall time and cost spent working on your company’s compliance. One of the most important aspects of OCR’s Watch List Screening solution is that it is always working efficiently – around the clock. No disruptions in service or delays are caused when working with clients, and business analysts work efficiently to make sure that all software integrations run smoothly.
At OCR, we stay updated on all lists and sources that we offer, as long as continuously improving and adjusting our Watch List Screening tool to provide the best and most effective experience for customers. The Watch List Screening solution can be the answer to all of your problems. Learn more today by scheduling a free demo with our skilled sales team at OCR.