Release Date: 18 September 2008
Release ID: 1506
RPS On-Demand 5.0 leverages computational linguistics to improve screening accuracy
with sophisticated multi-organization, team-based workflow to manage risk
Management Dynamics, a leading provider of Global Trade Management solutions, today announced the release of RPS On-Demand 5.0, an advanced risk management solution that screens individuals and businesses to identify prohibited transactions based upon over 90 restricted party lists. The new release leverages computational linguistics and team-based workflow to provide supply chain teams with a significantly higher level of screening accuracy and improved productivity for managing potential hits and maintaining compliance with U.S. export regulations.
With the flexibility to integrate with any enterprise system or ad-hoc business process, RPS On-Demand provides the cornerstone of an Export Management System for companies that export to a related party, or have a subsidiary that exports from another country. By establishing internal order processing controls, both small-to-medium-sized businesses as well as large, multi-national companies, can ensure compliance with frequently-changing trade regulations. Companies that do not sufficiently safeguard their supply chain can incur up to $120,000 in fines, and be subject to criminal prosecution and loss of export privileges.
RPS On-Demand 5.0 delivers substantial improvements in the accuracy of identifying restricted parties and the minimization of false positives by first normalizing input data, then applying new phrase-matching algorithms based on computational linguistics. Compared with simple keyword or Soundex screening approaches, RPS On-Demand delivers at least a 30 percent improvement in screening accuracy with a 70 percent reduction in false positives. A Workbench provides systems administrators with the tools they need to tune the algorithms and test new configurations.
Other new features available in RPS On-Demand 5.0 include:
• Multi-Organization, Multi-Role Model – RPS On-Demand 5.0 is highly configurable, supporting an n-level organization model and flexible role-based assignment of functionality, allowing for quick deployment and alignment to a company’s business process without customization.
• Resolution Workflow with Escalations – RPS On-Demand 5.0 supports a team-based workflow process to efficiently clear hits based on multiple configurations including country, division, or the aging of a potential hit. In addition, issues can be escalated to managers for resolution.
• Expanded Lists with Daily Updates – RPS On-Demand 5.0 integrates with the industry’s most comprehensive source of restricted party lists. Over 90 lists are monitored and updated daily and all changes to subscribed lists are then re-screened against trade party data to maintain the highest levels of compliance.
RPS On-Demand 5.0 is a hosted, Web-based application that integrates with any enterprise system and can be quickly and cost-effectively implemented – typically in less than a month.
“The uniqueness of Management Dynamics’ product is the screening technology it uses. Based on computational linguistics, it’s arguably the most sophisticated software used in the industry for this purpose,” said John Fontanella, VP Research at AMR Research. “And given the state of master data in most companies, this is good news. Regardless of how the name and address of a customer is entered, the software is designed to minimize false positives without sacrificing accuracy as it compares company data to multiple government-issued restricted party lists.”
“As companies continue to expand global operations, supply chain teams need to apply the latest automation technology and information services to support business growth objectives while managing risk,” said Nathan Pieri, Management Dynamics’ SVP of Marketing and Product Management. “RPS On-Demand 5.0 features the absolute state-of-the-art in screening technology and team-based workflow that can be quickly and cost effectively implemented by any enterprise.”
© The Adora Group Limited 2016 - Publishers of Freightnet