21 June 2024 Windward
Windward have launched a capability enabling users to configure behavioural indicators to meet their unique business and risk needs. Indicators can be applied to both behavioural and static screening data sets.
The Challenge:
The global shipping operations risk landscape has undergone a profound transformation since 2022, necessitating advanced risk management features and the ability to configure risk parameters for trade resiliency
Bad actors are becoming more agile and sophisticated in their deceptive shipping practices (DSPs) and attempts. The challenge is to maintain an equally adaptive and dynamic approach to risk management – one that can quickly identify new risks, define them as such, and monitor and respond to them.
The Solution:
A truly configurable approach empowers organisations to define and apply individual risk parameters that resonate with their specific needs, scenarios, industries, and teams. Companies can ensure that their risk management strategies are in perfect alignment with their operational and strategic risk mitigation and growth objectives.
There are rules and regulations that companies have to abide by to mitigate the risk of sanctions. There are also factors that fall outside of those rules and laws (For example DSPs) that companies must interpret themselves and build into their own risk management protocols.
Knowing that businesses all have unique approaches to risk management, ODR provides companies with the flexibility to amend appropriately as best suits their risk profile.
Use Cases:
FSUs/bunkering providers seek to minimise sanctions risk exposure by automatically identifying and flagging tankers engaged in a dark activity in the Black Sea and then a ship-to-ship (STS) engagement in Greece as medium-risk. Bunkering organisations need to know who they are providing services to, understand where they came from, and know who they met with before to ensure the bunkering organisation is not unintentionally enabling sanctions evasions and price cap breaches.
Intelligence agencies want to automatically identify STS operations with non-transmitting vessels in smuggling-prone areas, such as the coast of Somalia, and flag relevant vessels as high-risk leads. As the first line of defence, agencies must quickly analyse and investigate multiple maritime entities simultaneously, including vessels, companies, cargo, ports, and more, to identify potential smuggling attempts before it is too late.
Dry bulk commodity traders need to proactively manage supply chain risks by defining an indication alert for vessels calling port in war risk-prone areas, such as Ukraine and Yemen. Alongside this, on a per-voyage basis, dry bulk stakeholders examine a detailed checklist to assess a vessel’s condition and operational safety. These inspections aim to predict the likelihood of a vessel being involved in an accident, providing a dynamic and voyage-specific assessment of risks.
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