Acteon Group Standardizes on Amber Road for Restricted Party Screening
finance.yahoo.com
Headquartered in Norwich, UK, the Acteon Group brings together a broad range of companies, mainly in the oil, gas and renewables industries. One of the biggest firms in the subsea services industry, Acteon has over 35 different company sites. It offers worldwide services with and has thousands of trading partners.
Until now, the individual Acteon branded services tracked and managed their trading partners independently and mostly manually. But with increasingly tough regulations and sanctions being imposed by multiple authorities around the world - including recent sanctions on Russia that specifically target oil and gas industry-related equipment - the need for a reliable, automated solution to track regulations, evaluate trading partners, and ensure a standardized compliancy process for the entire group became acute.
“We were looking for an auditable restricted party screening solution that could be applied across all of our subsidiaries,” said Mike Pay, the Head of Compliance for the Acteon Group. “While the primary goal was to improve compliance, we also saw the opportunity to reduce operational costs by replacing manual processes. Amber Road fit the bill.”
Pay noted that the positive experience of Seatronics, a Houston-based Acteon Group company already using Amber Road for restricted party screening, was a strong selling point. “Amber Road will be one of the few IT-based systems that we deploy across the entire Acteon group,” Pay said. “We had to make the right decision. We also needed a solution that could support our needs in the future for things like product licensing and documentation management, for which Amber Road also has solutions.” |
