Amber
Road (NYSE:AMBR), a leading provider of global trade management
solutions, has announced a new cargo
screening solution to address the challenge carriers face in
identifying shipments that may contain prohibited, hazardous, or
dual-use goods based only on the limited information provided on a
transportation manifest or air waybill. The solution is ideal for global
logistics providers who must aggregate and accurately screen a high
volume of shipments from multiple providers to comply with increasingly
stringent laws.
The global logistics industry is challenged by trade regulations related
to Know Your Customer (KYC) which requires carriers know the shipper,
the recipient, and the end-use of the products they carry to ensure that
goods are not shipped to a sanctioned party or embargoed country and
comply with non-proliferation of dual-use goods unauthorized for general
trade. Customs authorities around the world are increasingly monitoring
the effectiveness of logistics providers’ cargo screening processes to
determine compliance. There are numerous examples of companies that use
only “exact matching” screening algorithms on names and addresses who
have been cited for failing to meet the standard of reasonable care and
have been penalized with escalating fines.
“Global trade requires that companies keep up with ever-changing
regulations and standards of reasonable care to maintain their trade
privileges,” said Nathan Pieri, Chief Product Officer at Amber Road.
“However, the market has been devoid of tools to meet these more
stringent examinations. With our new Carrier Cargo Screening Solution,
we have developed new content libraries and advanced algorithms to offer
a robust supply chain risk platform ideally suited for global logistics
providers.”
Amber Road’s Carrier Cargo Screening Solution is built on the foundation
of its leading Restricted
Party Screening tools and Global
Knowledge® trade content information service. With hundreds of
millions of screens per day against over 600 lists, the solution uses
advanced computational linguistics algorithms and a tuning workbench to
provide high accuracy with a minimum of false positives.
The new Carrier Cargo Screening is very advanced and completely unique.
It uses algorithms developed to process natural language to synthesize
product descriptions to determine if the goods being shipped are of a
concern. To add more intelligence to these algorithms, Amber Road’s
trade content team has developed special libraries that translate
technical phraseology into common language and trade terms typically
found on source transportation orders such as manifests and air
waybills. When carriers use the solution to screen product descriptions
and other parameters, the algorithm applies millions of data points to
calculate a risk score and alert the carrier to potential problems.
Carriers can aggregate risk scores based on an overall risk index to
determine whether a shipment should be flagged for further review,
enabling carriers to manage by exception. Any potential concerns can be
resolved within the Amber Road platform or an API is available to return
a comprehensive set of screening results that can be resolved in the
carrier’s own system of record.
“We are very excited about the impact our new solution will have in the
carrier industry,” said Jim Preuninger, CEO, Amber Road. “We have solved
a critical problem by combining our advanced technologies with our vast
experience in linking software with content. We expect our new offering
to generate significant interest and meaningful new subscriptions
starting this year.”
About Amber Road
Amber Road’s (NYSE: AMBR) mission is to dramatically transform the way
companies conduct global trade. As a leading provider of cloud-based
global trade management (GTM) software, trade content and training, we
help companies all over the world create value through their global
supply chain by improving margins, achieving greater agility and
lowering risk. We do this by creating a digital model of the global
supply chain that enables collaboration between buyers, sellers and
logistics companies. We replace manual and outdated processes with
comprehensive automation for global trade activities, including
sourcing, supplier management, production tracking, transportation
management, supply chain visibility, import and export compliance, and
duty management. We provide rich data analytics to uncover areas for
optimization and deliver a platform that is responsive and flexible to
adapt to the ever-changing nature of global trade. For more information,
please visit www.AmberRoad.com,
email Solutions@AmberRoad.com
or call 201-935-8588.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements within the
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Forward-looking statements are not historical facts, but instead
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though our situation may change in the future.
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