German business software vendor SAP has launched a product aimed at
helping companies better manage their global trading activities
and, in particular, comply with fast-changing trade
regulations.
A key capability of the product, SAP Global Trade Services (SAP
GTS), is compliance management, which automates the process of
sanctioned party list screening as well as import and export
control through licence management and embargo screening.
The compliance management function immediately screens a company's
business partners as well as the sales and purchase management
processes, ensuring that companies check against the latest
sanctioned party lists published by governmental agencies.
The function helps companies meet compliance regulations more
efficiently and avoid facing heavy fines arising from trade
restriction violations and tighter national security regulations,
SAP said.
SAP GTS uses open standards including XML and mySAP technology.
The product comes in response to customers' demand for a solution
to automate compliance requirements, according to Sonja Filser, a
SAP company spokeswoman. "We work with many global companies that
have requested a product to support them in this area."