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Managing Sanctions Risk for Businesses: Challenges and Opportunities

In today’s global economy, managing sanctions risk has become a critical challenge for businesses. Recent trends and developments highlight the need for firms to assess their exposure to sanctions risk and implement effective mitigation strategies.

Assessing Sanctions Risk Exposure

• Firms must complete a thorough risk assessment to understand their exposure to sanctions risk.
• This will enable them to develop a plan to mitigate such risks and ensure compliance with regulatory requirements.

The Importance of Customer Due Diligence (CDD)

• A firm’s screening process is only as effective as the accuracy of the data being screened.
• Understanding and addressing exposure to new sanctions enables firms to make informed commercial decisions in light of sanctions risk.
• Developing policies and procedures consistent with the firm’s risk exposure is crucial for mitigating sanctions risk.

2023 Sanctions Trends

• 2023 promises to be a busy year for regulators and compliance professionals, with a focus on managing sanctions risk due to:
  • Russia-Ukraine tensions
  • Increased Iran sanctions
  • Potential sanctions on China

Expert Support from Exiger

• Exiger offers various services to support firms in effectively managing sanctions risk, including:
  • Risk assessments
  • Due diligence
  • Program assessment and enhancement
  • Alert review and backlog remediation
  • Model validation
  • Audit and assurance
  • Managed services

Exiger’s Expertise

• Exiger’s compliance and Managed Services experts have extensive experience in helping clients navigate the complexities of Russian sanctions.
• With their expertise, firms can ensure effective management of sanctions risk and stay compliant with regulatory requirements.