TRACE and RightShip partner to support anti-bribery compliance in the shipping industry and reduce corruption risk to charterers
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Helen Gibney, firstname.lastname@example.org; +61 8686 5729
Annapolis, MD, 16 November, 2016 - TRACE International, the globally recognized anti-bribery organization is pleased to announce a partnership with RightShip, provider of the world's most comprehensive online maritime safety and environmental risk management system, to support anti-bribery compliance in the maritime industry through Tracecertification of vessel owners.
Tracecertification is a comprehensive due dilligence 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 commerical transperancy, 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. Upon viewing a vessel owner's CR, the charterer is strongly advised to contact them directly to 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; 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. "Shipping is considered a high-risk undustry and we are pleased to partner with RightShip to increase commercial transperancy 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."
This partnership is part of TRACE International's Shipping and Maritime Initiative, established to raise awareness of anti-bribery compliance in shipping with the goal of sustainability reducing corruption in the shipping supply chain. Learn more about the TRACE Compliance Rating here, and click here for further information about RightShip Qi.
TRACE International and TRACE Incorporated are two disctinct entities with a common mission to advance commercial transperency worldwide by supporting the compliance efforts of multinational companies and their third party intermediaries. TRACE International is a non-profit business association that pools resources to provide members with anti-bribery compliance support while TRACE Incorporated offers both members and non-members customizable risk-based due diligence, anti-bribery training and advisory services. Working alongside one another, TRACE International and TRACE Incorporated offer an end-to-end, cost-effective and innovative solution for anti-bribery and third party compliance. For more information, visit www.TRACEinternational.org
RightShip is the world's leading maritime risk management and environmental assessment organisation.
RightShip Qi is the organisation's comprehensive online risk management platform. Qi brings all the benefits of big data and predictive analytics to maritime risk managment, providing users with sophisticated, real-time vetting insights and enhanced reporting capabilities.
RightShip's Greenhouse Gas (GHG) Emissions Rating enables customers to include the growing importance of supply-chain carbon emissions in their vessel selection process. It is now used as a vessel selection tool for one in every five ships chartered, equating to over 2 billion DWT per annum.
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