The screenshot is not visible so it is not clear what fields you want to use, but you will have to use custom coding (e.g. via the MDM ABAP API) to implement something like that.
From custom coding all kinds of things are possible:
- sending e-mail notifications
- setting some status value on the item (e.g. to enable a fast named search to be used to filter out invalid items when calling from SRM)
- you could also trigger a MDM workflow (from Java API only)
But you will always need custom coding if you want to do more than just hiding the invalid items. The latter could be done with a named search but things like sending out an email are only possible in custom code.