Release Date: 07 September 2006
Release ID: 562
Leading Industrial Manufacturer Incorporates On-Demand Sanctioned Party Screening
To Ensure Best Practice Compliance While Developing New Markets
EAST RUTHERFORD, NJ, September 7, 2006 -- Management Dynamics Inc., a leading provider of global trade management solutions, today announced that its hosted Sanctioned Party Screening Service has been implemented by INFICON, a leading developer, manufacturer and supplier of advanced instrumentation, across the company’s worldwide import and export operations. The solution enables INFICON to screen all trading partners against various governmental lists to help avoid illegal trading activity with sanctioned or restricted parties.
INFICON places a high priority on ensuring compliance with rigorous US and European export regulations. Due to heightened international security concerns, more stringent regulations have been in force since 2004, and the task of manually screening names and addresses of all trading partners, both individuals and companies as required, became unsustainable for the company.
Management Dynamics’ Sanctioned Party Screening solution automates the screening process and enables INFICON to access the up-to-date information necessary to comply with increased security initiatives and frequent changes to all restricted party lists issued by the European Union, the United States and other international government agencies. Active trading partners, maintained in the Sanctioned Party Screening system, are dynamically screened against any changes to the combined Sanctioned Party List, so that the INFICON customer database is always validated against the latest government requirements.
“We selected Management Dynamics to assist us in keeping in full compliance with best international trade practices,” commented Lukas Winkler, President and CEO. “By interfacing with our existing ERP system, Management Dynamics has allowed us to fully automate this time-consuming manual task, which has improved the efficiency of our global operations for export control. They offered a fast implementation without any hardware or software ownership costs, as well as complete coverage of all sanctioned party lists worldwide.”
Management Dynamics’ Sanctioned Party Screening service supports key objectives of INFICON’s export control program including:
· Comprehensive, in-depth, up-to-date trade content that covers all sanctioned party lists and integrates seamlessly with INFICON’s core ERP system, providing a robust, reliable technology architecture for the entire company going forward
· Fully automated process that centralizes INFICON’s global address list of over 20,000 customers, suppliers and trading partners from multiple countries in a secure online database, improving internal efficiency and reducing the risk of errors, fines or penalties
· On-demand delivery model with no additional hardware or software investment costs that can scale to meet INFICON’s growing list of trading partners
“Screening for denied parties is essential in order to maintain compliance with the increasingly rigorous security and trade regulations. By integrating our global trade content with their export operations, INFICON will be able to do just that,” said Jim Preuninger, CEO of Management Dynamics. “INFICON’s decision to deploy Management Dynamics’ hosted Sanctioned Party Screening Service across mission critical business units is a validation of our depth in content, scalable technology, and ability to fully support any global operation.”
Delivered as an on-demand information service via the Internet, the INFICON system has been live since January 2006 and is currently used by approximately 100 sales and compliance personnel in European and US business units.
INFICON is a leading developer, manufacturer and supplier of innovative instrumentation, critical sensor technologies, and advanced process control software for the semiconductor and vacuum-coating industries and other industrial applications. These analysis, measurement and control products are vital to original equipment manufacturers (OEMs) and end-users in the complex manufacturing of semiconductors, flat panel displays, magnetic and optical storage media and precision optics. INFICON also provides essential instrumentation for gas leak detection to the air conditioning/refrigeration industries and toxic chemical analysis for the emergency response and security markets. With executive offices in Syracuse, New York, INFICON has world-class manufacturing facilities in the United States and Europe and subsidiaries in the U.S., China, France, Germany, Japan, Korea, Liechtenstein, Singapore, Switzerland, Taiwan, and the United Kingdom. INFICON registered shares (IFCN) are listed on the SWX Swiss Stock Exchange. For more information about INFICON and its products, please visit www.inficon.com.
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, portals and carriers. The company's solutions synchronise the flow of information among trading partners, optimise supply chain execution decisions, and streamline import and export processes to ensure regulatory compliance and minimise cost and risk involved in cross-border transactions. Management Dynamics’ time-proven solutions are used by more than 13,000 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 +44 (0)1932 445220.
120 Bridge Road Chertsey Surrey KT16 8LA
Telephone: +44 (0)1932 445220
Fax: +44 (0)1932 445221
© The Adora Group Limited 2016 - Publishers of Freightnet