TRACE International, an anti-bribery organisation, is partnering with vetting firm RightShip, to support anti-bribery compliance in the maritime industry through TRACEcertification of vessel owners.
TRACEcertification is a due diligence review, analysis and approval process.
“Completion of the certification process underscores a vessel owner’s commitment to commercial transparency, reducing risk to charterers,” the pair said in a release.
RightShip’s new 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.
“Shipping is considered a high-risk industry and we are pleased to partner with RightShip to increase commercial transparency in a traditionally opaque industry,” said TRACE President Alexandra Wrage. “Completing TRACE Certified Due Diligence is a practical way for vessel owners to demonstrate their commitment to international anti-bribery standards while keeping compliance costs low.”