(www.MaritimeCyprus.com) Shipping is a dynamic industry that is changing rapidly. It is at the core of global trade and must run seamlessly for the good of the global economy, however shipowners and traders are facing an increasing number of challenges. These include increased safety requirements, challenging regulatory demands, a constantly changing competitive landscape, and overwhelming operational complexity.
To overcome these challenges shipowners must evaluate and adopt solutions that can protect their operations from risk, while at the same time increase their efficiency and ability to conduct business. In the environment of today, with ever-growing regulatory requirements and the looming uncertainty caused by sanctions, counterparty due diligence is becoming a standard part of internal processes for a prudent operator. Shipowners can unknowingly become involved in sanctions violations, most commonly through valid transactions with a counterparty who is high-risk. This in turn transfers the risk onto the innocent shipowner. The now ‘high-risk’ shipowner is not only exposed to financial damage, such as losing insurance coverage, or charterers or banks with zero risk policy choosing to no longer transact with them, but they can also suffer reputational damage that will have longer term and potentially more damaging implications. So, it is clear that shipowners involved in international trade need to have detailed awareness of the risk related to all entities they conduct business with.
Understanding that sanctions are not the core expertise of the operators within a shipping company, Windward’s AI platform does the heavy lifting for them; improving due diligence by delivering immediate, comprehensive assessments of counterparty risk, tailored to the company’s needs.
Windward AI provides shipowners with immediate go / no-go recommendations on vessels, ownership and management structures, and cargo risk, based on real-time and historical data. The system gives you the competitive edge and confidence to maximize your chartering options and open up further opportunities in today’s competitive market.
In addition, Windward AI offers a complete solution by covering counterparty due diligence (CDD) checks as well. This enables shipowners to mitigate risks involved with third parties who do not own vessels (i.e. port agents, charterers, cargo owners, or receivers and contractors). The CDD module offers an enhanced focus on sanctions by including all watchlists, adverse media, and politically exposed persons.
ORIANI HELLAS is the proud representative office of Windward AI in Greece and Cyprus. As Oriani, we continuously highlight this strategic partnership, which can assist ship owning and managing companies to trade with confidence strategically and operationally. We are pleased to announce that throughout the last year of the collaboration, Windward has partnered with more than 10 Greek and Cypriot companies of different structures.