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Sanctions regimes, whether imposed by the United Nations or individual nations, impact on everyone. What do they mean for you and your organization?
In this session we will explore different types of sanctions and strategies for managing sanctions risk within the context of your organization, your customers, their customers and counterparties, the jurisdictions in which you operate and where your clients have business dealings.
Understanding your organization’s sanctions risk is critical to developing an effective Sanctions Compliance Program. Just like AML/CTF Risk Assessments, a Sanctions Risk Assessment is not a “set and forget” exercise. Maintaining the currency of your organization’s Sanctions Risk Assessment and Sanctions Compliance Program within a dynamic regulatory and business environment is a challenge that cannot be ignored.
Where and how sanctions are managed within your organization will depend on many factors, including:
the size and complexity of the business
the organization’s legal exposure to sanctions and to the targets of sanctions
the organization’s risk appetite –what does that mean in the context of sanctions obligations and compliance?
the enterprise-wide risk management framework
the governance structure
There is no “one size fits all” solution. However, a sound understanding of sanctions risks is critical.
If you think the cost of compliance is high, think about the cost of non-compliance.