Streamline your sanctions screening workflow with DealCloud

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As client expectations grow and the geopolitical environment continues to evolve, firms need to be able to easily manage and comply with changing sanctions rules and stricter regulations. Using highly configurable technology, firms can structure their risk and compliance strategies to navigate these tricky sanctioned waters.

 

By using DealCloud Conflicts, you can give your first and second line of defense teams the tools they need to mitigate overall risk and ensure compliance.

 

Read on to learn how DealCloud Conflicts can help streamline your firm’s sanctions screening strategy.

 

Data integration for increased efficiency

Maintaining a centralized database can help teams quickly find the information they need; however, your database needs to do more than just store internal knowledge. To comply with changing sanctions rules and stricter regulations, firms need software that integrates internal governance checks and balances with third-party sanctions lists. The software should also integrate risk management with information about deals or entities. By maintaining a single source of truth that integrates all this data, first and second line of defense teams can mitigate risk without manually searching through documents or a third-party database.

 

Using DealCloud software, your firm can better comply with changing sanctions by easily searching sanctions lists, spreadsheets, databases, and other relevant information all in one place. DealCloud provides seamless integration between front-office deal management and pipeline management, providing transparent, real-time knowledge to every member of your firm. For front-office professionals, this means being able to identify risk and vet deals sooner, and knowing where to expend effort and direct outreach.

 

By using a system that can review and clear conflicts of interests early on in the dealmaking process, your team members can direct their efforts toward the right prospects, instead of having to kill deals deep in the pipeline.

 

Leveraging automation 

Technology that automates tedious tasks can drastically improve your workflow and reduce organizational complexity. Because sanctions and regulations can change extremely fast, firms need software that can help them stay up to speed with new information.

 

DealCloud risk and compliance software improves due diligence and reduces operating costs across your firm. Using DealCloud automation, firms can implement comprehensive analyses into their conflicts-clearing workflows, gain valuable insights, and easily share cross-functional knowledge to help teams keep up in fast-paced environments.

 

Minimizing error and risk with audit trails

With ever-evolving sanctions regimes, your firm needs extensive  audit capabilities that provide an additional level of reputational risk management. When reviewing potential sanction hits, comprehensive software with a full audit trail — including time stamps — can help minimize error and track when each entity was reviewed, and by whom. This helps your firm remain compliant while also building a competitive edge in the marketplace.

 

DealCloud’s purpose-built software maintains a trail of communications and key approvals in one centralized location, all while helping avoid manual data-entry errors. As client expectations increase, deploying a solution that minimizes error and helps maintain your firm’s reputation is imperative.

 

With DealCloud risk and compliance solutions, your firm can remain confident in its critical risk management strategy and improve overall due diligence. By leveraging technology that was built with first and second line of defense teams needs in mind, DealCloud’s automated and auditable solution can help streamline your critical risk management workflow.

 

Request a demo to learn more about DealCloud’s risk and compliance products.

 

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Author:

Anoushka Shah

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