Compliance is high-stakes. Any risk activity that goes undetected can implicate your business in sanctions and jeopardize business opportunities. In an increasingly complex regulatory environment, it’s no small feat to ensure compliance monitoring is up to standards. Windward’s new portal helps you maximize success without exposing your business to risk.
Why is compliance such a big deal?
The U.S. and U.K. guidance documents released in 2020 have forced stakeholders across the entire maritime ecosystem to step up. As a result, industry leaders are updating compliance and Know Your Customer (KYC) programs to avoid facing financial and reputational damages down the line. As more and more businesses adopt maritime compliance policies – the need to proactively manage risk is more important than ever. Even if one vessel poses a high compliance risk, it’s enough to compromise deals and the trust of your customers. Within reason, compliance teams have tools in place to monitor risk levels. But today, the need to go beyond simple list matching is as crucial as ever. Why? Vessels become risky before sanctions hit.
According to Windward’s data, we provided high-risk alerts for 85% of the sanctioned vessels in the last 4 years prior to their designation. So mismanaging compliance can not only result in immediate losses, but the potential for any sanctions exposure can hurt future sales and business opportunities. In order to stay ahead of your customers’ due diligence curve, stakeholders need to be the first to know when risk levels change.
Why is risk hard to manage?
The best practices needed to manage compliance must address a number of complex risk factors. It’s not enough to rely only on screening – compliance teams need to accurately detect the potential risk exposure of every vessel in their fleet. Manual processes to manage this is not feasible. A good example of why is AIS time gaps. AIS gaps can happen for many reasons, so a lost AIS signal is not a red flag on its own.
However, detecting voyage irregularities, identity changes, and location tampering, can help corroborate risk. This is why the broader context of risk is key. With a strong system, teams can accurately analyze and instantly review new, more complex risk behaviors. But how do you practically apply this to your business? It all comes down to having an easy way to access insights at the right time.
What steps can you take?
With Windward’s new portal, our partners, including shipowners, ship managers, brokers, insurers, etc., can subscribe to vessel and fleet Risk Alerts and Reports and even issue Sanctions Compliance Certificates. You’ll be notified of vessel risk in real-time, so you can address potential business blockers long before charter negotiations even begin.
The Windward portal is a crucial step in making maritime AI accessible to the entire maritime trade supply chain, regardless of industry or fleet size. With it, all stakeholders can benefit from stronger compliance standards that enhance safety and and accelerate business.