In light of the ongoing Russia-Ukraine conflict and the subsequent imposed sanctions, we wanted to provide insight into how the updated sanctions lists are captured and the timeframe within which these changes are reflected in the platform.
It is of utmost importance for GAN to ensure that all our customers are operating with the latest risk information, we therefore aim to ensure that the data against which all third parties are screened is updated quickly and efficiently.
RDC Third-Party Screening and Monitoring
RDC has a robust and well-established process in place for ingesting data related to sanctions which are given priority over other data due to the potential implications. Consequently, RDC has established a proprietary list of sanctions lists, the content of which predominantly fall within or ‘WLT’ (Watchlist) Risk Event Code contained within GRID (RDC’s Global Regulatory Information Database, via the GAN Due Diligence platform), which is regularly revisited to ensure the ongoing integrity of the data.
As with any sanction update, these are monitored daily and any additions or edits are available via your GAN Due Diligence platform within 24 hours. All changes to a third-party risk profile will trigger a monitoring alert within this timeframe.
Reviewing RDC Monitoring Alerts
When changes to third party risk profiles are captured, a monitoring alert is triggered and will be flagged under the screening section. You can also easily locate all third parties that have a pending monitoring alert by setting your filters to “Alerts Pending” at the bottom of the filter section. Read the Due Diligence platform guide for more information on how to review third-party monitoring alerts.
For more information on the ramifications of the Russia-Ukraine conflict and what this might mean for your business see GAN’s partner Control Risks’ assessment of what happens next and its review of sanctions risk management implications.
Stay on top of the developing crisis with Control Risks’ bi-weekly Ukraine-Russia Monitor and get the latest updates in your inbox.
If you have any questions or require any additional assistance, please reach out to your Relationship Manager.
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