Nick Roscoe, COO tells us how Quest Marine, our powerful data analytics platform, provides our insurance clients with the ability to take a pragmatic approach to sanctions compliance in his latest blog. Read on to learn more.
Quest Marine, our powerful data analytics platform, provides our insurance clients with the ability to take a pragmatic approach to sanctions compliance.
Sanctions monitoring is complicated with governments applying increasing pressure upon insurers and P&I Clubs to police their insured or members without always giving clear guidance about what constitutes ‘appropriate due diligence’. This can put insurers in a quandary as they try to balance the pressures of monitoring breaches with reliance upon emerging technology.
Historically AIS has provided the most widely relied upon tracking data. Vessel transmissions are picked up by a network of satellites and shore receivers but there are inevitable gaps. Transmissions are generally patchy in poor weather conditions, when vessel congestion levels are high (South China Sea), when shore receivers are sparse (as is the case in Iran) and when vessels spoof - giving off deliberately misleading location information. In this vortex Underwriters and Clubs often find themselves having to decide whether to challenge their insured based upon an absence of evidence, thereby judging them guilty until proven innocent.
Concirrus reduce the guesswork, filling in the data gaps to help our insurance clients build the most informed view of what is really happening. We do this through data cleansing to marginalise the spoofing, working with multiple data providers, including Spire, who have launched 84 dedicated next generation satellites which capture more data with significantly reduced latency, and with caution, we use algorithms which can highlight behaviour which might be suspicious.
Using customisable alerts, users can monitor activity that correlates with sanctions breaches, staying on top of entry into sanctioned zones, activity in high risk areas, periods of non-movement, dark ships (loss of AIS), changes in ownership and curious behaviour - but let’s make sure that the action that is taken is proportionate!
For more practical ways to mitigate risk regarding sanctions compliance see our earlier blog post from Graham Libaert here.