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. Learn more about the TRACE Compliance Rating here, and click here for further information about RightShip Qi.
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. 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 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 2 billion DWT per annum.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/trace-and-rightship-partner-to-support-anti-bribery-compliance-in-the-shipping-industry-and-reduce-corruption-risk-to-charterers-300363778.html
SOURCE TRACE International