TRACE International, the globally recognized anti-bribery organization, has announced a partnership with RightShip, provider of 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 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. 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 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.”
“Shipping carries 90% of the world’s trade and RightShip Qi works to improve maritime safety and efficiency,” said Warwick Norman, CEO of RightShip. “The TRACE Compliance Rating is an excellent addition to the new platform, promoting transparency and assisting charterers to select the right vessel and the right owner.”
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 substantially reducing corruption in the shipping supply chain.
TRACE International and TRACE Incorporated are two distinct entities with a common mission to advance commercial transparency 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.
RightShip is a leading maritime risk management and environmental assessment organization. RightShip Qi is the organization’s comprehensive online risk management platform. Qi brings all the benefits of big data and predictive analytics to maritime risk management, 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 1 in every five ships chartered, equating to over two billion dwt per annum.