Marcura Compliance offers all its customers Continuous Monitoring and Periodic Review functionalities.
While both actions aim to identify potential risks that may arise daily or periodically and ensure compliance with regulations, their scope, frequency, and approach differ significantly.
Continuous monitoring and Periodic Review are not mutually exclusive, but instead complement each other’s processes to ensure that entities are subject to daily continuous monitoring until the predetermined, in-depth review date.
We ensure our customers are uniquely positioned to leverage both functionalities as part of their ongoing due diligence process for all Entities.
Continuous Monitoring
Marcura Compliance provides a robust Continuous Monitoring feature that delivers timely alerts to its users. These alerts promptly notify users of any changes to an entity's risk profile or data at the selected level of due diligence.
Integrated seamlessly within the Risk Monitoring section, Continuous Monitoring is distinctly presented through a summary that highlights Country Risk, with Entity Screening and Location (Flag) Screening outcome as True Matches and No positive Hits Found. This streamlined presentation allows decision-makers quick insights, enabling them to navigate towards an Internal Decision to Whitelist or Blacklist an entity.
The main benefits of Continuous Monitoring:
Supports targeted approach to risk management;
Helps detect red flags in near-to-real time, while preventing or minimizing the impact of adverse events;
Ensures that customers maintain operational efficiency while knowing that Marcura Compliance will detect and alert them to the changes in risk and basic profile;
Hit review is performed by Marcura Compliance on behalf of its customers, while the platform counts True Match hits;
Helps to ensure continuity of business operations for a more targeted and efficient risk monitoring approach, while saving time for all customers.
The default automatic expiry is set to 365 days, with the option to customize for extended, long-term monitoring.
Click here to explore your organization's Risk Monitoring section.
Additional information on Risk Monitoring and management of continuous monitoring subscriptions is available here.
Periodic Review
Periodic Review is a due diligence assessment performed in set intervals at a pre-defined due diligence level. It is a planned outreach to counterparties where the periodicity will be directly connected to the counterparty’s risk level, type, and duration of business relationship, as well as internal risk appetite. Periodic Review performed by Marcura Compliance allows all customers to plan the risk assessment ahead of time, determine the review’s due diligence level, and understand the allocation of necessary resources (i.e., planned cost).
All Entities (Organizations, Vessels, and Corporate Officers) can be subscribed to Periodic Review at the pre-defined levels of due diligence.
Based on the entity’s risk profile and risk indicators summary, we recommend that Periodic Review is performed at shorter intervals for high-risk entities while allowing that low-risk entity’s periodic assessment to be spaced out annually or biannually. Periodic Review is closely tied to the required level of due diligence and will ensure that at the pre-determined time, Marcura Compliance performs a full review of the entity proactively, re-assessing all elements that were selected during the initial screening.
Periodic review is normally considered time-consuming and resource-intensive, requiring significant preparation and coordination for proper execution. Marcura Compliance is helping its customers lift these planning burdens and eliminating administrative requirements via the Periodic Review functionality.
Additional information on management of periodically reviewed entities via the Risk Monitoring section is available here.
To ensure proper vigilance tied to a risk-based approach, we recommend that all customers utilize both Continuous Monitoring and Periodic Review functionalities.
This combination of both the daily screening and periodic reassessment ensures comprehensive oversite while relying on Marcura Compliance’s powerful, proprietary data governance procedures and specialized compliance specialists to carry out the workload.