How do you determine who you can do business with?

This podcast was recorded in conjunction with the SCCE as a part of their excellent “Compliance Perspectives Podcast” series.

Staying current with the latest sanctions requirements is difficult. Organizations and individuals are added and removed constantly, and there are numerous prohibited persons and entities lists to track. For example, the US Office of Foreign Asset Control (OFAC) list is a major list to consider, but just because a company isn’t on the US list doesn’t mean it’s not on the list of another country that can claim jurisdiction over your organization.

How do you determine who you can do business with? Christian Focacci, Vice President of Offering Management at Steele, suggests in this podcast you should begin with an appreciation of the challenges of data and determining the risk: is this an entity I need to know everything about or which only requires a cursory assessment?

The answer will determine how much research you need to do. But even that is only a start. When reviewing news sites, especially outside of your own country, it’s important to assess how reliable that source is. And, while machine learning offers advantages, it’s far from perfect and human judgement is most definitely still needed.

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