Global Technology Group Automates Comprehensive Screening of 125,000 Restricted Parties
EAST RUTHERFORD, NJ, July 28, 2011 – Management Dynamics, a leading provider of global trade management solutions, today announced that Invensys PLC (ISYS:LN), a global engineering and technology company, has selected its Restricted Party Screening (RPS) On-Demand solution to automate the RPS process for all of its global operations across 125,000 parties in 180 countries. Invensys expects to minimize valuable time and resources required for screening, and ultimately improve compliance and reduce corporate risk.
With criminal penalties reaching $1 million per violation for trading with a denied party, minimizing this risk has become a top priority for the trade compliance team at Invensys. The company needed to consolidate all three of its business units, Invensys Operations Management, Invensys Controls and Invensys Rail, onto the same screening platform. Invensys required a fast, easy-to-use solution with advanced logic and functionality to accommodate different regions and customer segments that could easily integrate with multiple ERP systems including SAP.
Invensys selected Management Dynamics’ RPS On-Demand solution for its comprehensive global coverage of restricted party lists, specifically in Europe, Africa and APAC, as well as its functionality, ease of use, and ability to centralize compliance with multi-org and team-based workflow that would enable its three diverse business units to easily manage their own customer shipments.
“We previously relied on a variety of different tools and processes for the majority of our business units which was very cumbersome and time-consuming. With RPS On-Demand, our Sales, Proposals and Order Management teams will be able to implement new screening processes which will enable each team to be very proactive, save time and effort and eventually reduce our compliance risk,” said Suzanne Bullitt, Trade Compliance Director, Americas at Invensys PLC. “In addition to meeting our export compliance requirements, we are impressed with the breadth of Management Dynamics’ Global Trade Management solutions.
Available on a highly configurable, on-demand architecture, Management Dynamics’ RPS On-Demand solution will provide 300 global Invensys users with a secure, comprehensive method to automate screening of its 125,000 customers, vendors, and trading partners against 191 restricted party lists from governmental institutions worldwide.
“Restricted party screening is a must-have procedure for any global organization, and even more so for technology companies that ship highly controlled products, as the risks associated with not having a system in place are becoming increasingly large,” said Jim Preuninger, CEO of Management Dynamics. “Invensys is demonstrating industry leadership by adopting an advanced risk management solution that will create significant returns in productivity and mitigate compliance risks.”
About Invensys PLC
Invensys is a global technology group supplying solutions, software, services and equipment to monitor, control and automate processes in a wide range of environments and across almost every sector.
About Management Dynamics, Inc.
Management Dynamics is a leading provider of global trade management solutions that improve the performance of global supply chains for importers, exporters, logistics service providers, and carriers. The company's solutions synchronize the flow of information among trading partners, optimize supply chain execution decisions, and streamline import and export processes to ensure regulatory compliance and minimize cost and risk involved in cross-border transactions. Management Dynamics’ time-proven solutions are used by global users at some of the world's most successful 3PLs, carriers, manufacturers, retailers, and high technology companies. For more information, please visit www.ManagementDynamics.com or call (201) 935-8588.