Metso Launches Comprehensive Restricted Party Screening Program Using Management Dynamics' Export On-Demand Solution
|Automated RPS minimizes false positive hits, saving Metso time and resources while reducing risk exposure|
EAST RUTHERFORD, NJ, May 11, 2011 -- Management Dynamics, a leading provider of global trade management solutions, today announced that Metso's Automation business line has implemented a Restricted Party Screening (RPS) program powered by Management Dynamics' Export On-Demand solution. The new implementation automates the RPS process for all of its Automation business line's worldwide operations spanning 200,000 trading partners.
Metso's Automation business line specializes in process industry flow control solutions, automation and information management application networks and systems as well as life cycle performance services. Its main customers are energy, power and oil and gas industries as well as the pulp and paper industry.
With technologically and geographically diverse operations and more than 200,000 trading partners worldwide, Metso is sensitive to the potential risks of trading with restricted parties. The company previously depended on partially automated RPS procedures, but struggled with a high rate of false positive hits that required time-consuming manual reviews.
"Having seen the benefits of partially automated screening, we knew that we could get far more out of a highly automated solution," said Ralf Liljestrand, Trade Compliance Manager at Metso. "But it was clear to us that automation had to go hand in hand with high accuracy. Management Dynamics showed us we could minimize false positive hit rates from 20 percent to levels as low as 0.5 percent, far lower than our previous approach and what we had seen with other vendors. We feel very confident entrusting Management Dynamics with this key aspect of our efforts to limit Metso's risk exposure."
False positives are partner matches which, upon further user review, are determined to not be actual denied parties. Minimizing these is a key requirement with a large number of entities.
The Restricted Party Screening module of Management Dynamics' comprehensive Export On-Demand solution enables Metso to automatically check against 175 restricted party screening lists from around the world. In the future, according to evolving needs, Metso can easily further automate its global trade management by adding Global Product Master and License Management modules.
Nathan Pieri, Management Dynamics' Senior Vice President of Product Management and Marketing, commented: "Organizations that have complex global businesses and hundreds of thousands of trade partners need more advanced screening technologies and workflow solutions to productively manage trade compliance. With our Restricted Party Screening module now live in Metso's Automation business, we look forward to the opportunity to help other units within Metso Corporation reduce risk exposure and gain efficiencies by automating their global trade export processes."