ONESOURCE | DPS
Reducing sanctions risk with automatic supplier screening
Without a dedicated licensing software solution, it is very difficult for businesses to manually keep up with embargo and sanction regulations across the various countries they operate in. Ensuring an organisation remains compliant and up to date with the latest changes is a challenging task.
LINAK - a leading manufacturer of advanced electric linear actuator systems and solutions that create movement for a wealth of applications in healthcare, agriculture, industry, offices, and homes - has operations in over 30 countries with over 2,400 employees. Headquartered in the town of Guderup in southern Denmark, LINAK has production facilities in Denmark, China, the U.S., Thailand, and Slovakia. Additionally, there are over 30 companies in the LINAK A/S corporate family.
LINAK faced a variety of challenges when it came to screening their suppliers and customers. The due diligence involved in ensuring compliance in their global trade operations to prevent sanctions violations proved to be uneconomical and time consuming. To solve their challenges, LINAK turned to ONESOURCE® Denied Party Screening. Designed to handle the validation of business partners by screening against 350+ global lists for restricted persons, companies, and sanctioned or embargoed countries, ONESOURCE had the coverage that a multinational company like LINAK needed to comply with the various regulations of the countries they do business in.
ONESOURCE Denied Party Screening is automatically updated with the latest regulations, so the LINAK team no longer needs to check manually for regulation changes. ONESOURCE also automatically triggers a screening process whenever a new customer or supplier is added to a database or there is a change to an existing customer or supplier.
Learn more about how ONESOURCE Denied Party Screening helped LINAK manage their appropriate level of risk and increase efficiency. Read the full case study below.
Let ONESOURCE Denied Party Screening help in your import and export compliance process
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ONESOURCE Denied Party Screening (DPS)
With ONESOURCE Denied Party Screening (DPS), the process of screening international denied party lists can be easily automated. Integrating with the existing ERP, CRM, and SRM, the solution automatically triggers a screening process with the addition of or change to a customer or supplier, reducing the time-consuming process to just a fraction of seconds. It gives you the power of 300 researchers, covering 240 countries in more than 60 languages.