FISCAL Technologies: 2022 Guide to Continuous Supplier Sanction Monitoring

Sanctions are in the news a lot right now, as governments around the world add more entities to their sanction lists. Transacting with a sanctioned supplier is illegal and brings severe consequences, such as supply chain interruption, reputational damage, fines, and even imprisonment. Organisations need to protect themselves as ignorance of sanction updates is no defence.

Knowing the exposure to sanctions in your supplier base is the first step towards this. FISCAL has put together a list of useful resources to provide insights into sanctions and mastering your controls around them.

1. Continuous Supplier Sanction Monitoring Fact Sheet

Without continuous monitoring of your Master Supplier File (MSF) against global watchlists, you risk transacting with a sanctioned supplier. One-off or infrequent sanction checks during new supplier onboarding do not provide adequate protection - anything less than continuous supplier sanction monitoring against your entire supplier file introduces a risk of non-compliant supplier purchasing, with severe consequences.

Download our Sanctions Fact Sheet here. 

2. Critical Compliance and Controls Every CFO Needs to Know About

Good compliance leads to risk and cost reduction, avoidance of fines, and process improvements. But rapidly changing, complex business environments, new risks, and tight budgets make these hard to achieve.

Every CFO, CPO, Finance and Procurement leader needs to know that they have sufficient controls in place to be compliant in their supplier spending, but most aren't confident that they do. Our research shows that only 16% of organisations rank their compliance with regulations as their top priority.

This webinar led by FISCAL's Ray Welsh, Head of Product Marketing and James Wilson, Product Owner looks at:

- The need for compliance in supplier spending including continuous supplier sanction monitoring and ESG compliance, spend controls and fraud detection
- A preview of our recent fraud and compliance survey results
- The benefits of a supplier-oriented approach to spend-risk protection
- Solution demonstration
- Q&A

Watch this webinar On-Demand here. 

3. Blog: Politics, Sanctions and £1 million pound fines

The speed at which sanctions can be imposed is increasing. This makes it vital for buying organisations to be vigilant with their sanction monitoring. If checks of suppliers against global sanctions lists are infrequent, you may be exposed to the risk of purchasing from a sanctioned supplier - the UK Government recently introduced legislation permitting fines of up to £1 million for its sanction breaches. Read the full blog post, and why continuous supplier sanction monitoring may be the solution, here. 

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