Maritime analytics firm Windward has announced a new partnership deal with BP Shipping, to deliver behavioural analytics data and related insights to assist the energy company in digitising its business trade practices relating to sanctions compliance.
The information supplied by Windward will be used by BP to ensure due diligence adherence on sanctions issues in line with the highest global standards.
“We are excited to partner with BP Shipping. They are a global leader in energy and shipping, continually at the forefront of implementing new solutions such as analytics and AI to drive and protect the business in a changing regulatory environment,” said Ron Crean, VP Commercial at Windward.
In particular, Windward’s technology will be applied to helping BP to maintain strict compliance with updated advisory guidance issued by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), which apply to organisations involved in trade in the maritime industry and energy and metals sectors.
“We have evaluated Windward for around 12 months and have gained a clear insight into what their capabilities and domain expertise can deliver across the due diligence and ‘know your vessel’ process,” said Mark Fortnum, BP Shipping VP of Technical and Vetting.
“It has been a process of true collaboration and partnership to provide a solution adapted to BP Shipping’s needs.”
“The OFAC advisories published recently are a game-changer for the maritime and trade ecosystems regarding compliance requirements. Solutions that can increase both quality and efficiency in our sanctions compliance operations are essential across all related business transactions.”
Windward says that it expects to see further adoption of digital Know Your Vessel (KYV) practices across the shipping industry and wider maritime ecosystem in the near future, to ensure improved safety and traceability across the supply chain while also driving greater trade efficiencies.