JioStar Revolutionises Its Compliance Process with ONESOURCE

JioStar, India's largest television and entertainment network, is a joint venture between Reliance Industries and The Walt Disney Company. With over 100 TV channels, ownership of streaming platforms Disney+ Hotstar and JioCinema, and broadcast rights to major sporting events, JioStar's growth brought a critical new mandate: ensuring compliance with the increasingly complex landscape of global sanctions and embargo regulations.

The sheer volume of existing and prospective third-party relationships made manual screening an unsustainable and high-risk option. Consequently, without a robust screening process, JioStar faced a significant risk of non-compliance with the joint venture agreement and applicable regulations, potentially leading to financial and reputational damage. Furthermore, there was no mechanism in place for ongoing monitoring of third-party relationships to identify potential sanctions violations as they arose.

To address the challenges of navigating global sanctions compliance, JioStar selected Thomson Reuters' ONESOURCE Denied Party Screening (DPS). Several key factors influenced this decision; 

• Disney's existing global use of the ONESOURCE DPS tool provided confidence in its reliability and effectiveness. 
• ONESOURCE DPS offered comprehensive coverage of global sanctions and embargo lists, ensuring thorough screening. 
• The tool's intuitive interface streamlined the screening process for users across the organization. 
• ONESOURCE DPS provided continuous status monitoring capabilities, enabling proactive identification of potential risks. 

The screening package offered a cost-effective solution tailored to JioStar's needs, and a proactive sales and support team provided guidance and assistance throughout the implementation process.

The implementation of ONESOURCE Denied Party Screening has revolutionized JioStar's compliance processes, leading to comprehensive risk management through complete screening of all new and existing third-party relationships, integration with various registration systems and portals, and implementation of an organization-wide sanctions control policy. The enhanced compliance process is reflected in the establishment of a dedicated sanctions control team, continuous monitoring of status changes, streamlined clearance procedures, and a systematic approach to managing alerts.

"The DPS tool has completely eliminated any kind of regulatory risk of dealing with sanctioned parties while ensuring compliance with our joint venture arrangement," states Pradeep Ramnath.

By ensuring rigorous compliance, ONESOURCE Denied Party Screening has shielded JioStar from financial and reputational risks associated with non-compliance.

The key success factors achieved through the implementation of ONESOURCE Denied Party Screening include the complete elimination of compliance risks, automated screening of all third parties, real-time monitoring capabilities, seamless system integration, and comprehensive policy implementation.

Looking ahead, JioStar has identified several priorities for future enhancement, including the desire for more flexible pricing models with higher screening caps, cost-effective system integration and customization options, streamlined ad-hoc screening processes, and enhanced integration support with reduced implementation timelines.  

This case study highlights how ONESOURCE Denied Party Screening has empowered JioStar to uphold stringent compliance standards while efficiently managing substantial screening volumes. 

The solution addresses current compliance demands and strategically positions the organization for sustained growth and adaptability in the face of evolving regulatory landscapes.