There are several different compliance screening options supported in Status. This gives you the flexibility to integrate different levels of database screening or due diligence checks for your third parties depending on the status of your relationship, their risk level, your current process and other factors.
Here is a table that gives an overview of the different compliance screening options supported in Status:
Instant Check
Description: Instant Check allows you to screen entities without creating a third-party record in Status. The results are instant, so you can make a quick decision around how to move forward with the business relationship.
Sample Uses: Individuals working on trade compliance can use Instant Check to determine whether to consider a vendor at the early stage of their process.
Quick Check
Description: Once a third party has been entered in Status, a Quick Check can indicate any possible risks. Quick Check screens can be automated as part of your onboarding process, as a result of service completion (for example, questionnaire answers) or a change in classification.
Sample Uses: Automate a Quick Check service every time a third party is entered in the system to identify possible risks.
Monitoring
Description: Conduct a database screen on a frequency you choose (daily, weekly, monthly, quarterly or annually). This allows you to stay current with any changes in the risk level of your third party.
Sample Uses: Monitor high-risk or business critical third parties frequently to give visibility to ongoing risk.
Managed Monitoring
Description: Blue Umbrella’s team of analysts will review every monitoring hit to identify false positives and reduce the administrative burden on your team.
Sample Uses: When monitoring a significant number of third parties on an ongoing basis, trust the team at Blue Umbrella to identify the most relevant hits for your team to review.
Due Diligence Research Reports
Description: Blue Umbrella’s due diligence reports are compiled by highly trained research analysts, working in 40+ languages in our operations centers. The reports are available in Lite, Pro and Plus. Learn more about the differences between due diligence report levels here.
Sample Uses: Order a due diligence report based on the results of a compliance database screen, monitoring hit or responses to questionnaire questions. Automate ordering a due diligence report for any third party in a high-risk jurisdiction.