There are a variety of elements to safety in your business. As a company, you want to make sure you’re reducing risk as much as you possibly can. There are many things you can do to reduce your risk and one of those things is to use a government watchlist.
If you’re interested in keeping your business safe, it can be helpful to run your clients and vendors through government watchlists before you accept them as part of your business. However, if you’ve never had to run clients and vendors through a watchlist, you might not know much about watchlists and how to use them. Here’s what you need to know.
A government watchlist is just a watchlist that’s put together by the government rather than by a private entity. There are actually many government watchlists—the U.S. Departments of State, Commerce, and Treasury all have watchlists that may include different threats. Depending on what your business is about, you may need to use certain watchlists or all of them.
One of the most comprehensive government watchlists is the FBI’s Terrorist Screening Center watchlist, which allows you to look through individuals who may pose a domestic threat. This list is public and the U.S. Treasury updates it on a regular basis to include the most important individuals you might need to avoid.
While government watchlists are one of the most common watchlists to use, there are also other private watchlists out there. Why might you want to use a government watchlist instead of a private watchlist? There are many reasons a business might choose to use a government watchlist instead of a private one.
Of course, this isn’t a complete list of reasons, and there are many reasons you might want to use either a government watchlist or a private watchlist. However, the fact that government watchlists are public and include both foreign and domestic concerns is a significant reason many businesses use them.
So what does a government watchlist actually do for your business? There are a lot of benefits your company might experience when you start using a government watchlist. There are a variety of benefits that you could experience with a government watchlist, which means the watchlist will help you do a variety of things more easily.
Some businesses, especially those in the financial industry, may have a legal requirement to run their clients through a government watchlist. That means your due diligence is actually legally mandatory. However, even if it’s not legally mandatory, it can make sure you avoid concerns in the future, especially financial concerns.
A government watchlist can be a great way to make your business more effective and less prone to risk. If you’re worried about risk in your business, especially if you’re dealing with extremely valuable stakes in the way many financial services do. If you’re interested in running your clients and vendors through government watchlists, Enformion can make the process much easier and more effective.