New Partnership Highlights Bribery Risk
Anti-bribery organization TRACE International has partnered with risk management company RightShip to support anti-bribery compliance in the maritime industry through certification of vessel owners.
TRACEcertification is a comprehensive due diligence review, analysis and approval process which is based on internationally accepted standards and administered by TRACE. Completion of the certification process underscores a vessel owner’s commitment to commercial transparency, reducing risk to charterers.
RightShip’s enhanced vetting platform, RightShip Qi, harnesses big data, predictive analysis and real-time risk assessments which allow charterers to make well-informed decisions about the vessels they choose to engage. Risk ratings and credentials for vessels are displayed on the RightShip Qi dashboard alongside the TRACE Compliance Rating (CR), however the CR does not form part of the RightShip risk assessment.
Vessel Owners who have completed TRACEcertification receive a rating of CR-1, CR-2, CR-3 or CR-3s. The lower the number, the lower the level of bribery risk associated with that vessel owner. Charterers can obtain and review a full copy of the TRACEcertification Due Diligence Report regardless of the risk level.
TRACEcertification reduces the cost of compliance throughout the shipping supply chain, says TRACE. Vessel owners save time and budget by not having to complete due diligence reviews for multiple charterers, and charterers have pre-vetted entities available to them.