Status, our third-party compliance technology platform, has been built for enterprise companies to be the most flexible and adaptable solution on the market. One way that we are focused on flexibility in Status is with the variety of compliance screening options that are supported in the system. This gives you several different ways to quickly identify risks with a third party or selectively monitor them on an ongoing basis on a frequency you select.
We understand that different organizations have different needs with respect to how, and when, they conduct database screening for existing third parties or potential business partners. Because we listen closely to our customers as they are customizing Status to their needs, we identified an opportunity to offer a different option for compliance database screening.
Instant Check is a powerful new feature that allows users to conduct an instant compliance database check of 940+ key sanctions, embargo and watchlist databases to identify possible risks before entering a third party into the system. This is useful for the trade compliance function, where they may consider conducting a preliminary compliance database screen at an early stage of the procurement or business development process.
In addition to Instant Check, Status also offers Quick Check, which can be ordered as soon as a third party is entered in the system, upon the results of a risk assessment questionnaire or at another stage of the compliance process. In addition, we offer a powerful managed monitoring service that allows you to schedule compliance screening on an ongoing basis but without the need to vet or screen every single result. This helps free up your team’s time to focus on only the most relevant hits.
We would love to give you a tour of how you can integrate, and automate, these different options for compliance screening into your third-party compliance program. Reach out to us to schedule your demo of Status today!