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EAST RUTHERFORD,
NJ, September 10, 2007 --
Management Dynamics Inc., a
leading provider of global trade
management solutions, today
announced the release of its
enhanced Restricted Party
Screening (RPS) On Demand
solution, a cost-effective
solution for automating the
trade party screening process, a
government mandate for all
businesses involved in
international trade. This
enhanced release provides
expanded restricted party list
coverage and additional
integration options for
establishing a greater level of
compliance checks for companies
to demonstrate ‘reasonable
care.’
According to the U.S. Bureau of
Industry and Security (BIS)
violations for trading with a
restricted party can result in
administrative fines of up to
$120,000 or criminal penalties
such as ten years imprisonment
and $1 million per violation. In
2006 alone, BIS issued over $16
million in fines to U.S.
companies for violating export
regulations.
Management Dynamics’ RPS On
Demand integrates with any
source enterprise system via XML
to accurately screen customers,
suppliers and other trading
partners against over 50
restricted party lists issued by
governmental institutions
worldwide, alerting users of
potential non-compliance and
providing a powerful workflow to
resolve hits. The web-based
solution allows trade
professionals to screen multiple
parties to each transaction
before goods are shipped to
prevent illegal transactions
with banned entities and trading
partners and avoid fines,
penalties and sanctions. In
addition, RPS On Demand can be
utilized by HR departments to
screen all employees, vendors
and visitors as a key step in a
company’s internal security
process.
“As a leader in technology with
a multinational customer and
supplier network, screening has
become critical to safeguarding
our business," commented James
Stearns, Director, Regulatory
Compliance and Senior Counsel,
at Intelsat, Ltd. “We selected
Management Dynamics to assist us
in keeping in full compliance
with global export regulations
because of its complete and
up-to-date list coverage. The
RPS On Demand solution has
allowed us to fully automate
this manual time-consuming task,
improving our overall efficiency
and eliminating potential fines
or penalties due to trading with
denied parties.”
Management
Dynamics’ RPS On Demand solution
delivers the following
capabilities:
- Comprehensive List
Coverage -- Management
Dynamics captures and
maintains over 50 restricted
party lists issued by
government agencies in
countries around the world
such as Department of State,
Department of Commerce,
Department of Treasury,
United Nations and European
Union. Updates are processed
within 24 hours of
publication to ensure that
restricted parties are
properly flagged before
goods or services are
shipped.
- On Demand
Architecture --
delivered on-demand via a
secure Internet connection,
the system can be deployed
globally across company
locations without the cost
and risk of lengthy software
implementations and IT
resources.
- Flexible Integration
-- the solution integrates
via XML with any enterprise
system to synchronize all
trade party data.
- System
Configurability --
flexibility to be configured
on a single or multi-org
basis so that one or all
entities can upload trade
partners and perform
screening. The multi-tiered
architecture enables
‘super-users’ to view the
results of multi-org
screenings, allowing for
execution at site level and
awareness at the core.
- Complete Audit Trail
-- preserves a complete
history of screening actions
performed on a given
customer or supplier record
to reduce corporate risk.
“Screening for restricted
parties is essential in order to
maintain compliance with the
increasingly rigorous security
and trade regulations for global
companies,” said Jim Preuninger,
CEO of Management Dynamics.
“Most recently, service
industries, such as hospitality,
financial services and
universities, which place a high
importance on ‘knowing your
customer’, have found screening
to be invaluable for operating
efficiently in today’s global
market.”
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