Ensuring Compliance with Sanctions Regimes

Description

This Skill Bit shows, that by incorporating specific steps into daily operations, contract professionals can ensure robust compliance with global and national sanctions, safeguarding organizations from non-compliance risks. Key measures include establishing a comprehensive Sanctions Compliance Program, conducting regular monitoring of regulatory updates, performing due diligence on all parties, drafting contractual clauses for sanctions compliance, conducting risk assessments, providing staff training, maintaining internal reporting and audit trails, seeking legal consultation, and fostering clear communication with stakeholders to emphasize the importance of compliance.

Duration approx. 4 Min.

Tier: proficiency