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Financial institutions need to maintain a Sanctions Compliance Program capable of preventing transactions prohibited by governments against entities, individuals, and other countries. A Sanctions Risk & Controls Assessment is essential to optimize your Sanctions Compliance Program.
Sia Partners employs a team of former regulators and sanctions subject matter experts with extensive experience conducting Sanctions Risk & Controls Assessments. This makes Sia Partners uniquely positioned to help you optimize your Sanctions Compliance Program and ensure compliance with ever-changing and increasingly complex global and local regulations.
Over the last two decades, there has been a significant increase in financial sanctions issued. At the same time, sanctions programs have increased in complexity and scope. As a result, financial institutions face increasing challenges in ensuring compliance with obligations driven by these changes to the sanctions landscape.
What has changed?
Sia Partners strives to deliver highly customizable strategic, operational, and technology solutions to clients, to meet global sanctions regulations. Our solutions offering is a culmination of the firm’s combined years of experience and expertise in sanctions screening within the Financial Services industry. We help our clients navigate the constantly evolving sanctions landscape utilizing a risk-based approach.
Sia Partners can perform the annual Sanctions Risk Assessment to accurately reflect the organization’s risk profile and assess the effectiveness of the controls to mitigate risks.
Sia Partners can perform an advisory/counsel function to evaluate client risk from a Sanctions perspective.
Sia Partners can conduct independent model validation of sanction screening systems assessing the effectiveness of systems, data integrity, and processes.
All Sanctions Programs must include a Sanctions Filtering Program capable of preventing transactions that are prohibited by local and global regulatory entities. Our custom AI solution, the Sanctions Challenger Bot, is a Model Validation and Optimization tool designed to enable the fine-tuning of your sanctions filtering system by providing insight into the underlying matching algorithm and score settings.
Our subject matter experts can create, edit, or enhance your institution's Sanctions policies and procedures.
Sia Partners can review Sanctions policies, procedures, and control frameworks.
Sia Partners has extensive experience training institutions on the most current Sanctions Programs and Procedures. Most jurisdictions recommend Sanctions-specific training delivered annually, at a minimum, to all appropriate personnel.
Once we have completed our Sanctions Risk & Controls Assessment, we formalize findings, conclusions, and recommendations into a final report to present to Senior Management on the sanctions program.
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