Sea to launch new solution to bolster sanction compliance

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Maritime software provider Sea has launched a new compliance solution to help customers navigate the ever-changing regulatory landscape for freight. Sea’s Vessel Compliance Management solution will enable customers to complete vessel screening as part of recaps conducted on Sea’s platform. This consolidated platform offering ensures governance, compliance, and the mitigation of risks in chartering processes.

A recent study by Sea of users on its platform found that, for customers who are impacted in their day-to-day work by sanctions, workflows are negatively impacted for almost half (49%).  Less than half (37%) feel fully confident in navigating sanctions. With sanctions currently in place across several regions and entities, breaches pose serious financial and reputational risks to businesses.

The Vessel Compliance Management solution has been designed to help businesses navigate compliance complexities while streamlining processes and supporting decision-making. The solution integrates a company’s chosen sanction and compliance service into Sea’s Recap Manager, enabling efficient communication and workflows in one platform.

Sea’s aim is to help customers easily navigate and streamline changing regulations in chartering processes. Key features of the solution include:

  • Automated screening –vessels can be automatically screened against various customisable parameters, including: vessel ownership, management, dark patterns, port state control and suspicious behaviour. This automation reduces manual efforts and provides time and efficiency savings.
  • Real-time compliance monitoring – enables charterers to keep on top of rapidly changing compliance and sanctions regulations to make informed vessel decisions.
  • Integrated, streamlined workflows – the seamless integration with a business’ chosen vessel sanction and compliance service ensures business objectives are met within one platform for faster, more efficient working
  • Enhanced due diligence – alongside the provision ofreliable sanction and compliance integration, an audit trail is provided to evidence compliance through document management.

Peter Schroder (pictured), CEO at Sea, said of the new solution: “We’re proud to be adding another solution to our platform that will make chartering workflows more efficient and drive smarter decision-making for our customers.

“The regulatory landscape is constantly changing, and freight players need support to ensure they can navigate these regulations in the pre-fixture stage with minimal disruption. By integrating our customers’ chosen compliance providers onto the Sea platform, our Vessel Compliance Management solution ensures customers now have access to that support whenever they conduct recaps.”

 

 

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