Maritime Risk Intelligence
What is maritime risk intelligence?
Many risks have emerged in the maritime ecosystem, involving the vessel, crew, and/or cargo. Maritime risk intelligence, which includes a combination of maritime data and domain expertise, can help predict these potential maritime risks and protect your business, or organization. Actionable maritime intelligence is key to enhancing compliance risk management, security risk management, and safety risk management, protecting organizations and businesses from deceptive shipping practices and other potential threats.
Use risk intelligence to avoid deceptive shipping practices
Bad actors use various techniques to disguise their illicit activity – evading sanctions, smuggling goods, etc. – this phenomenon is known as deceptive shipping practices. These behaviors include switching off automatic identification systems (AIS) functions to “go dark” and become untraceable. But bad actors have become more sophisticated. They understand that turning off their AIS will draw unwanted attention from authorities, and they’ll risk losing expensive cargo or harming their vessels’ reputation.
Global navigation satellite system (GNSS) manipulation is an example of a more sophisticated technique. Instead of turning off AIS and drawing attention to themselves, bad actors have started manipulating their GPS location, making it look like “business as usual.” These deceptive shipping practices constantly evolve and Windward works hard to diligently expose new typologies.
Protect your borders with maritime risk intelligence
Maritime risk intelligence and sea intelligence are key to exposing maritime crimes as they enable organizations to stay ahead of bad actors. The key to this is having maritime domain awareness, enabling organizations to use maritime data to predict operational risk, with dynamic risk indicators on vessels, ownership, and cargo data. Security risk assessment tools like monitoring and prioritizing threats detect and manage immediate and emerging national-level risks. Hidden risks can be identified by exploring the full profile of vessels entering territorial waters, including compliance and safety risk factors.
What is compliance risk?
According to Law Insider, “Compliance risk means a risk resulting from any misconduct, as a result of the failure to observe laws, regulations…” Counterparty due diligence is key to having an effective maritime risk intelligence strategy. Screening full maritime risk profiles provide insights into vessel behavior in your fleet, cargo data, and ownership structure. Actionable insights made up of a combination of maritime data and domain expertise will help protect your business as long as they’re aligned with the latest advisories, including the Office of Foreign Assets Control (OFAC), Office of Financial Sanctions Implementation (OFSI), and the UN.
Knowing your vessel and understanding the historical and behavioral data enables businesses to quickly and effectively verify potential risk exposure. With solutions like Windward’s Know Your Vessel (KYV)™, this process is conducted in real-time for businesses to expertly understand their maritime risk exposure with behavioral, cargo, and ownership insights. This enables businesses to stay ahead of the various advisories, like OFAC, and the latest emerging deceptive shipping practices.
What is security risk management?
Security risk management focuses on mitigating national security risks, terrorism, potential attacks against governmental agencies, etc. It is needed to protect national borders from illegal activity, such as deceptive shipping practices and other threats. Deceptive shipping practices are constantly evolving and bad actors will continue to find innovative ways to hide their illegal activities, as the potential rewards are obviously high. “Going dark” (disabling the AIS system) is still a popular deceptive shipping practice, but more sophisticated bad actors now understand that it’s expensive and risky. Instead of trying to conceal vessel behavior, many bad actors have changed direction. They now look to benefit from illegal activities while projecting a veil of “business as usual” or hiding in plain sight.
Security risk management can help coast guards, border protection, and customs stay ahead of these bad actors and prevent maritime crimes before they develop.
What is safety risk management?
Safety risk management includes in-depth safety analysis to leverage risk scores, casualties data, and instant clearance recommendations. Maritime risk intelligence is important for this, as it is needed to evaluate vessel and fleet risk with behavioral insights from maritime data. Every movement, casualty, and voyage can be understood with clear explanations and context from marine intelligence. This ensures cargo is moved safely, with minimal risk.
Vessel vetting, included in Windward’s safety risk management solution, contains an AI-based safety risk profile, which detects safe vessels and streamlines the vetting processes with dynamic risk scores. This is executed based on real-time and dynamic marine data.
Whether screening for high-risk vessels involved with deceptive shipping practices, or vessels at risk of sanctions, or involved with IUU fishing, doing your due diligence will ensure you mitigate risk and are fully compliant.
With Windward Maritime AI™, you can mitigate maritime risk and prepare before you get involved with any high-risk vessels, potential sanctions, etc. This can save you time and money, while keeping your reputation intact.
