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Data Quality for reliable, transparent compliance
Nowadays compliance not only covers the observance of laws or trade regulations but also the prohibition and the obligation to notify the authorities of transactions involving suspicious persons and companies. Severe fines and legal consequences threaten in the case of non-compliance. The permanent matching of customer, supplier and partner data against national and international embargo lists (block lists) is therefore a must for every company. The problem: Poor data quality as a result of incorrect, inconsistent data can derail this matching process.
Challenges
Inconsistent customer and supplier data – the primary source of danger
Each commercial transaction must be matched against the embargo lists. This is difficult enough with a small customer and supplier base and a real challenge with tens of thousands or even millions of transactions. But manual matching costs too much time and money. The most common result: Matching is only carried out in the form of spot checks or not at all, which can have fatal financial or liability consequences. The confidence of partners and customers is also affected if it turns out that you have done business with suspicious persons - deliberately or inadvertently. There is a danger of lost sales here, which can threaten the existence of your company in the worst case.Changing embargo lists – security with no guarantees
The embargo lists themselves can also be a challenge for your matching processes. The regularly updated lists require permanent comparison against the current, constantly changing database. And the block lists themselves are also not secure against inconsistencies:- Suspicious persons are listed with aliases and other information which could be unclear
- Country-specific conventions lead to a variety of spellings which make the matching process more difficult
- The data of the suspicious persons changes from list to list e.g. as a result of relocation or new information
- Data was incorrectly or ambiguously entered by the compiler of the list
Solutions
Uniserv Data Quality Solutions – reliable compliance with a minimum of effort
Uniserv Data Quality Solutions support you in guaranteeing reliable and transparent compliance through maximum data quality. Consistent data in standardized formats as well as comprehensive solutions for the automated matching of current customer, supplier and partner data against embargo lists protect you and your company from financial and legal consequences.
Data Quality Batch Suite for Compliance: The complete product suite for the fully automatic batch check and cleansing of customer data and the automated matching of mass data against embargo lists (block lists).
Data Quality Real-Time Services for Compliance: For the protection of your address quality in operative systems and the real-time matching of data against block lists.
Our contribution to reliable compliance: Automated matching of customer data against embargo lists (block lists) and quick, error-tolerant searching, automatic duplicate recognition and clustering of name and address data, data validation and enhancing or synchronization with other systems are only some of the functions of the Uniserv DQ Batch Suite and DQ Real Time Services – our contribution to the reliable observance of compliance requirements.
Advantages
Profit from all Uniserv Data Quality Solutions for compliance including:
- Reliable revision of the data (Data Cleansing) through automatic matching of current customer, supplier and partner data against national and international embargo lists (in batch processing or in real-time)
- Minimum resources and costs required to guarantee compliance as a result of automated data matching
- The protection of your competitiveness and protection from legal consequences and lost sales caused by non-compliance
White Paper
Missing or insufficient processes during the checking and matching of customers and interested parties data with sanction lists are a real business risk for a company. Our White Paper describes easy solutions to keep the EU anti-terrorism regulation and sanction lists firmly in hand!
white paper compliance
Missing or insufficient processes during the checking and matching of customers and interested parties data with sanction lists are a real business risk for a company. Our White Paper describes easy solutions to keep the EU anti-terrorism regulation and sanction lists firmly in hand!white paper compliance
