Partner Screening, Monitoring & Adjudication
screening
Many governments limit the exchange of commodities, monetary instruments, or services with certain parties or entities that are deemed irresponsible traders or a threat to national security. Many banking organizations and NGOs publish lists of individuals and companies which operate in gray areas and thus pose reputational and financial risk to your firm. Government agencies and various other organizations around the world publish entity lists and trade restrictions, leaving companies to find ways to evaluate if their supplier or customer resides on one of these growing lists of unharmonized denied parties without impacting productivity or the supply chain mechanics.
TradeSteady provides a solution to this challenge by enabling organizations to programmatically evaluate their business partners against these various denied parties lists. TradeSteady consolidates over 100 lists from global governments and organizations into a central and configurable repository which is monitored and updated daily to provide immediate and repeatable partner screening. This single source for restricted party data is then coupled with AI-enabled algorithms and possible name variations to perform the most capable and precise screening commercially available – allowing your organization to strike the right balance between keeping your business moving and keeping it compliant.
Clients can elect to add enhanced due diligence screening to their trade compliance screening which will dive deeper into the fundamentals of your business partner to highlight any irregularities which could signal commercial or compliance red flags.
monitoring
On a global basis the government Denied Party lists are updated daily, our clients can elect to have their partner data monitored against the international regulatory lists changes and be immediately notified if a previously acceptable partner is now restricted for business – ensuring you are able to avoid compliance, financial, or reputational risk each and every day.
adjudication
TradeSteady performs an industry-leading screening exercise powered by a unique and proprietary combination of AI-enabled algorithms which automatically verifies that your business partners do not match any of the names and addresses on the various restricted lists. Our matching process is precise enough to accurately limit false matches, which naturally result from the “fuzzy logic” employed in the screening process. When the screening and monitoring process yield a potential threat, a TradeSteady analyst will examine the alerts and make an informed final decision on your business partner’s compliance status. TradeSteady can perform various levels of adjudication from basic false-match resolution to boots-on-the-ground intelligence gathering on your strategic suppliers and customers.
TradeSteady provides detailed compliance screening reports for operational needs and to satisfy government audits. Audit-ready recordkeeping is fully incorporated.