Facing another annual conference in a big city might inspire dread. Travel can be tiring. Hours standing in an exhibit hall can be exhausting. But this year’s Society of Corporate Compliance and Ethics marquee event was just inspiring. The content was rich, and so were the conversations.
The Compliance & Ethics Institute is SCCE’s annual gathering of top compliance officers and the vendors serving them. ISS certainly didn’t have the biggest booth on the trade show floor, but WorldWatch Plus made a big impact nonetheless. Once again, the SCCE CEI provided validation that WorldWatch Plus global sanctions, watch lists, PEP, and adverse media is the right product at the right time. More importantly, the hundreds of conversations with industry experts over three days validated that the ISS approach to client support and market-driven product development is filling a previously unmet need in this important marketplace.
The need for global due diligence is more widespread than any other time in our history. Banking and finance regulations are being promulgated at local, national, and super-regional levels. The expectation on Know Your Customer expands with every new law, policy, and headline-grabbing incident. Conference attendees told stories of using tools with limited coverage, potentially stale data, and a lack of responsiveness from vendors either unable or unwilling to refresh their offerings. The picture reflected the famous Henry Ford quip when discussing customer options on his new assembly line vehicles: They can have any color they want, as long as it’s black.
ISS has a proud tradition of using customer feedback to drive product development and client support. WorldWatch Plus was forged on the needs of global giants in the disciplines of money movement and background screening. Client- and market-driven modifications represent the majority of scheduled product enhancements, and nearly all inter-release source list expansions (many of which are added within two weeks). Through client and market feedback, WorldWatch Plus has grown to more than 1600 global sanctions data sources in more than 130 countries.
Back at SCCE CEI, the conversations often drifted to the question: Are you buying the list or buying the logo? Thankfully, WorldWatch Plus continues to attract loyal subscribers wanting their KYC product to have the biggest reach, not the biggest trade show booth.