Due Diligence
VANTAGE Diligence and a robust framework and immediate action, safeguards a business to achieve third-party peace of mind in the complex landscape of compliance.
NASDAQ 100 software leader achieves third-party peace of mind with Control Risks VANTAGE Screening excellence
There are many ways Control Risks VANTAGE delivers third-party peace of mind. In this Case Study, we emphasise the importance of incorporating VANTAGE Screening by showing how it restored confidence and provided reassurance for a leading global software company listed on NASDAQ 100.
The client was faced with inadvertently offering products to sanctioned countries. To enhance its compliance programme, the client turned to Control Risks, which has almost 50 years of expertise in both emerging and complex developed markets. As a result, the client now has third-party peace of mind and the ability to identify sanctioned parties and safeguard its reputation from regulatory enforcement or violation swiftly and accurately.
The client
A NASDAQ 100 global software company renowned for developing cutting-edge products for business professionals and software developers.
The challenge
This client discovered that they were unintentionally providing solutions to individuals and entities in countries sanctioned by OFAC (Office of Foreign Asset Control). Recognising the need for a strategic partner to fortify their compliance programme, the client came to Control Risks for assistance in identifying gaps, with specific concerns around sanctions compliance and safeguarding their organisation.
The solution
Control Risks VANTAGE is the trusted authority in assessing compliance programmes for anti-corruption and sanctions. Control Risks VANTAGE provided a comprehensive solution for the client, starting with VANTAGE Screening to improve the client’s screening procedures. VANTAGE Screening allowed the client to identify sanctioned parties, politically exposed persons (PEPs), state-owned entities, and individuals facing enforcement actions.
The client broadened the collaboration with Control Risks to include their external legal counsel. We worked with the client on an in-depth audit of their compliance programme, including policies, procedures, and, crucially, the customer workflow. Multiple interviews and a detailed understanding of the customer onboarding process formed the foundation of this strategic partnership.
VANTAGE Screening and monitoring gave the client complete confidence with an enhanced sanctions compliance programme and a streamlined customer onboarding workflow. The client expressed genuine third-party peace of mind knowing our robust programme now protects their reputation from regulatory enforcement or violation.
