Vishay Intertechnology Reduces Trade Compliance Risks with Amber Road’s RPS On-Demand Solution
EAST RUTHERFORD, N.J. — Amber Road, a leading provider of global trade management solutions, announced today that Vishay Intertechnology, Inc. (NYSE:VSH), one of the world's largest manufacturers of discrete semiconductors and passive electronic components, reduced corporate risk and improved compliance with trade regulations using Amber Road’s Restricted Party Screening (RPS) On-Demand solution.
Integrated into three separate instances of SAP, the RPS On-Demand solution enables Vishay to screen tens of thousands of its customers and vendors across the Americas, Europe, the Middle East and Asia, against over 200 restricted party lists from government institutions worldwide.
As part of its global trade compliance initiative, Vishay needed an automated compliance screening program that would help ensure they were not shipping products to an embargoed country or a denied party. The solution also needed to centralize information on Vishay’s business partners on a global basis. After a thorough vendor evaluation, the trade compliance team at Vishay selected Amber Road for its global coverage, ease of implementation and cost.
“Not only are governments worldwide expanding their regulatory programs, they are becoming increasingly intolerant of noncompliance,” said John Preuninger, President & COO of Amber Road. “We applaud Vishay’s dedication to creating a world-class compliance program by automating the complex screening process necessary to mitigate compliance risks.”
As an importer/exporter, Vishay must comply with all government regulations when shipping goods internationally. Thus, any associated violation of these regulations could result in possible fines, suspension or debarment from government contracting or subcontracting for a period of time. The result of any of these acts could negatively impact Vishay’s reputation and future earnings.
RPS On-Demand is a hosted, Web-based application enabling companies to avoid incurring penalties, fines and sanctions by accurately identifying restricted parties before goods are shipped. By using the highly configurable, automated solution, companies can quickly screen their customers, suppliers and other trading partners against over 200 restricted party lists from governmental institutions worldwide.