How Global RADAR’s Sanctions Clearing Service (SCS) Strengthened Compliance for the Client Through Agile Implementation
Executive Summary
The client, a multinational insurance firm, faced growing compliance challenges due to the volume of false positives in their Sanctions and UBO screening processes. By adopting Global RADAR’s Sanctions Clearing Service (SCS), they significantly improved the accuracy of their screening determinations and freed up compliance resources to focus on higher-priority tasks. With Agile implementation and comprehensive support, the solution allowed the client to expand their sanctions screening to 100% of their operations, enhancing their compliance risk management while integrating advanced features like Vessel and Aircraft Registration Screening, BPO support, and API service.
Client Overview
The client is a global insurance firm with a strong reputation in highly regulated markets. Their sanctions screening process is central to compliance operations, but an overwhelming number of false positives hindered efficiency and increased operational costs. This challenge also limited their ability to expand screening across their entire business, posing increased risks.
Challenge
The client struggled with excessive false positives generated during their Sanctions and UBO screening, which required extensive manual intervention by their compliance team. The lack of an efficient screening solution resulted in delays and inefficiencies, preventing them from fully scaling their compliance coverage. Additionally, the client required advanced features such as Vessel and Aircraft Registration Screening to meet industry-specific regulatory requirements, along with the flexibility of API integration for seamless integration with their existing platforms.
Solution
Global RADAR’s Sanctions Clearing Service (SCS) offers a comprehensive solution to streamline and strengthen the client’s compliance operations. The SCS solution combines monitoring capabilities with superior determination accuracy to significantly reduce false positives and provide a commercially sound, scalable platform for ongoing compliance.
Key features of Global RADAR’s Sanctions Clearing Service include:
- Determination Accuracy: Advanced algorithms improved the accuracy of Sanctions and UBO screening, minimizing false positives and reducing manual interventions.
- Monitoring: Continuous screening and monitoring capabilities ensured that any changes in Sanctions lists or UBO data were captured in real time.
- API Service: Seamless integration into the client’s existing compliance framework via an API, ensuring smooth and fast data exchange across platforms.
- BPO Support: Global RADAR’s BPO (Business Process Outsourcing) support enabled the client to scale their compliance operations as needed, with access to a dedicated team of experts for additional screening support.
- Vessel and Aircraft Registration Screening: Advanced capabilities for screening vessel and aircraft registrations, critical to the client’s operations in high-risk jurisdictions.
- Accurate Sanctions & UBO Screening: Enhanced screening tools to provide more accurate identification of Ultimate Beneficial Owners (UBOs), reducing compliance risk tied to ownership complexities.
Implementation Process
Global RADAR employed an Agile implementation approach, allowing the client to rapidly integrate the Sanctions Clearing Service into their existing workflows. The Agile process ensured that the SCS was up and running with minimal disruption within a matter of days. Through phased rollouts, detailed training, and consistent communication, the solution was implemented efficiently and customized to meet the client’s specific compliance needs.
Results
The integration of Global RADAR’s SCS led to immediate and long-lasting improvements:
- Reduced False Positives: False positives were reduced by over 99.8%, alleviating the burden on the compliance team and allowing them to focus on more critical tasks.
- Increased Determination Accuracy: The system’s superior accuracy minimized unnecessary alerts, streamlining the review process.
- Commercially Viable Solution: The SCS platform proved cost-effective, providing the client with a scalable solution for ongoing compliance operations.
- Full Coverage Screening: The ability to expand sanctions screening to 100% of their business without sacrificing eƯiciency or accuracy, significantly reducing compliance risks.
- Advanced Monitoring: Continuous real-time monitoring enabled the team to capture any sanctions or UBO changes as they occurred, ensuring compliance across all jurisdictions.
- BPO & API Services: Seamless API integration and access to BPO support allowed the client to scale their operations rapidly while maintaining robust compliance.
- Improved Screening Capabilities: With the inclusion of Vessel and Aircraft Registration Screening, the client strengthened their ability to comply with industry-specific regulations, ensuring no high-risk entities went unchecked.
Conclusion
By implementing Global RADAR’s Sanctions Clearing Service, the client was able to reduce false positives, improve determination accuracy, and achieve full screening coverage. The combination of Agile implementation, API integration, and advanced screening capabilities – including Vessel and Aircraft Registration Screening – made SCS a commercially viable solution that addressed both immediate and long-term compliance challenges. Global RADAR continues to provide ongoing support through its BPO services, ensuring that the client can maintain the highest levels of compliance in an ever-evolving regulatory landscape.
Call-to-Action
Looking for a scalable, accurate, and efficient sanctions screening solution? Discover how Global RADAR’s Sanctions Clearing Service can help your business streamline compliance and reduce risk.
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