The Acteon Group, a global subsea services provider, has chosen the global trade management software provider Amber Road to automate and standardize restricted party screening across all of its worldwide branded services.
Acteon, headquartered in Norwich, UK, is the umbrella company for a broad range of companies, with 35 different company sites, mainly in the oil, gas and renewables industries.
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 company decided it needed a reliable, automated solution to track regulations, evaluate trading partners, and ensure a standardized compliance process for the entire group, it said.
“We were looking for an auditable, restricted-party screening solution that could be applied across all of our subsidiaries,” said Mike Pay, 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.”
Pay said 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.”
Currently, the Acteon Group branded services use various screening methods, ranging from spreadsheet-based systems to a variety of local government systems. Over the coming period, the Amber Road restricted party screening solution will replace these other methods, providing a single platform with standardized processes across the entire group.
Oil and gas group Acteon to use Amber Road for restricted party screening
