New Features in Compliance and Risk Management Software

Leamington Spa, EnglandJune 18, 2014AEB, a provider of global trade and supply chain management solutions, overhauled its compliance software. Compliance & Risk Management 4.0 offers a new design, functional enhancements, an intuitive user interface and a series of other simplifications.

Hardly a week goes by without the European Union (UN) adding the names of new sanctioned individuals to the annex of one of its embargo regulations. Most recently, Russian and Ukrainian political and military officials were sanctioned as a result of the crisis in Ukraine. Businesses must ensure that they do not provide any economic or financial resources to such listed entities. And it’s not just the EU that issues sanctions: U.S. authorities regularly add new names to their own restricted-party lists. The Office of Foreign Assets Control (OFAC) even published a brand-new list in February 2014, the Foreign Sanctions Evaders (FSE) list. The FSE list documents businesses and individuals that violated, or attempted to violate, U.S. sanctions against Syria and Iran.

Those who violate EU regulations or U.S. sanctions face penalties, imprisonment, and the loss of licensing and customs privileges. The latter, in particular, can impede international business activities. Every company is responsible for ensuring that it does not engage in any business relations with any entity on a restricted-party list. This task is difficult without software support.

AEB’s Compliance & Risk Management, part of its ASSIST4 software suite, not only automates the restricted-party screening process, but it also ensures that exporters comply with all export bans and licensing requirements. The AEB solution is continuously updated to reflect changes not only in restricted-party lists, but also in export control regulations. AEB employs in-house experts to ensure that changes to legislation are immediately implemented in the software.

What’s New in Compliance & Risk Management 4.0?

Version 4.0 offers users an improved interface and new features that simplify the work of those responsible for ensuring export control compliance. The new widgets—mini-applications on the desktop—enable quick and direct access to the name and file check features. The software’s main screens were also redesigned for a more intuitive user experience.

Improved functionality includes:

  • Access to more restricted party lists. Version 4.0 now includes the Swiss SECO list, the U.S. FSE list and much more.
  • User tips. How relevant is a particular restricted-party list? The software provides tips to help users choose which lists to screen against and how to interpret matches.
  • Direct access to legislation. Restricted parties contain direct links to the relevant legislation.
  • New white list feature. White lists prevent unnecessary matches by filtering out official sanctions list entries that do not apply.
  • Greater clarity in export controls. The software highlights which export law is applicable and which national authority has jurisdiction. Now it is possible to customize site-specific settings for screening against the EU Dual-Use Regulation and specific national laws.
  • Customized rules for global export controls. Customized rules make it possible to check against official export control regulations applicable to branch offices outside the EU or apply company-specific restrictions.

 AEB’s team of software developers is continuously enhancing the software—from the functional backbone, such as database links and web technology to the framework that supports the user experience. New encryption protocols for data transmission were also implemented to make the software even more secure. The integration of ASSIST4 Content Storage makes it possible to export the logs that document the results of restricted-party screening and export control checks. The result is optimized performance, especially when screening high volumes of data.

Ane Mette Hermansen, manager of global export control at Elekta AB, says: “We were looking for a compliance solution that accommodates automated entity screening, as well as ad-hoc screening of addresses, and at the same time provides a foundation for future growth and extended functionality. We chose AEB’s Compliance 4.0 solution based on the flexibility of screening options and the modular system structure, which facilitates the possibility to add further functionality and to integrate other parts of the business. Following review of comparable systems in the market, we believe that we selected the right system to fit the needs of our company now and in the future. The value-benefit ratio is right, and our users are particularly happy with the user interface of Compliance 4.0.”

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