Operating the world’s largest fleet of handysize liquefied gas carriers, Navigator Gas (link resides outside of ibm.com) plays an important role in keeping energy flowing through global supply chains. Listed on the New York Stock Exchange (NYSE) since 2013, the company faces intense financial auditing and regulatory compliance demands. When Navigator Gas merged with Ultragas ApS in 2021, almost doubling its vessel fleet, the company’s governance, risk and compliance (GRC) requirements became even more sophisticated.

As a result, the company’s audit team was stretched thin. To relieve pressure on its audit specialists and help them work more effectively, Navigator Gas searched for an automated, scalable and adaptable solution to streamline GRC processes.

Atif Yaqoob, Head of Group Risk and Assurance at Navigator Gas, explains, “We faced growing regulatory pressures across various markets, while still having to manage our existing Sarbanes–Oxley compliance with the Securities and Exchange Commission. It became clear that we needed a robust GRC platform to relieve pressures on our commercial teams and remain ahead.”

To address its growing GRC needs, Navigator Gas partnered with IBM and Deloitte (link resides outside of ibm.com) to implement Deloitte Sense, a customized GRC platform built on IBM® OpenPages®.

The ultimate aim is to integrate Deloitte Sense with the existing operational and financial systems of Navigator Gas across multiple locations, providing a single platform for GRC management. The platform will allow Navigator Gas to model its entire organizational structure within the system. It will act as a one-stop shop for all GRC needs, from querying data and sharing confidential information to filing secure reports.

“Deloitte Sense combines IBM's robust technical capabilities with Deloitte’s deep audit expertise,” notes Yaqoob. “Because the solution is so flexible, we adapted it to manage our Sarbanes–Oxley compliance. With Deloitte by our side, we could make these adaptations while still ensuring best practice.”

Deloitte and IBM were true partners to Navigator Gas throughout this critical transformation journey. They satisfied the majority of the design requirements of Navigator Gas, deployed specialists to help key stakeholders fully leverage the solution, and showcased Deloitte’s internal version of Deloitte Sense to introduce latest innovations.

Because of its intuitive interface and integrated single sign-on functionality, users have been quick to adopt the new platform. More than 100 employees at Navigator Gas now log on regularly, including the GRC team, external auditors and C-suite executives. Most importantly, Navigator Gas has reduced internal audit fees by more than 50% since the setup of its Group Risk and Assurance team in combination with the deployment of Deloitte Sense.

Previously, internal audit processes required a team of up to 8 people, one of whom would be dedicated entirely to administrative tasks. Now, thanks to the automation and workflow capabilities of the Deloitte Sense platform, much of the administrative work is handled seamlessly, releasing valuable staff time for more strategic tasks.

The platform’s real-time reporting functions also provide Navigator Gas with live, audited data on compliance, helping the company manage regulatory changes. This transparency also enables Navigator Gas’ external auditor to access audit files earlier than before, simplifying the overall auditing process and facilitating the reduction of future external audit fees.

“Deloitte Sense has enabled us to make huge savings on internal auditing while improving our compliance capabilities,” concludes Yaqoob.

Impressed with the capabilities of Deloitte Sense, GRC users at Navigator Gas are already asking about expanding the solution to perform controls, thereby releasing much-needed operational time. This is a true testament to the flexibility and versatility of the IBM OpenPages platform.

Navigator Gas (link resides outside of ibm.com) operates the world’s largest fleet of handysize liquefied gas carriers and plays a key role in supporting global energy supplies. With a strong focus on safety and sustainability, Navigator Gas supports global commerce by connecting producers and end users across international markets. Navigator Gas is also a 50% shareholder in the world’s largest ethylene export terminal based in Morgan’s Point, Texas.