Maritime Risk Management | Lloyd's List Intelligence

The challenge

A leading international trade organisation faced increasing challenges in maintaining continuous oversight of their shipping operations. They needed a solution that would provide real-time updates on vessel movements, ownership changes, and emerging risks to ensure regulatory compliance while safeguarding against financial and reputational threats.

Despite having robust initial due diligence processes, they struggled to continuously monitor vessels and fleet activity over time.

Key concerns:

Regulatory Compliance Risks: Ensuring vessels and associated entities remained compliant with global sanctions and trade restrictions.
Operational Disruptions: Detecting changes in vessel behaviour, ownership, or flagging that could indicate illicit activity or increased exposure to risk.
Data Overload: Filtering through vast amounts of maritime intelligence to focus on relevant threats efficiently.

The solution

Seasearch’s Ongoing Monitoring and Stay Alert solution provided a proactive approach to maritime risk management. This comprehensive feature enabled the organisation to:

Monitor High-Risk Changes in real-time by setting up a Screened Vessel List and My Company Vessel List, ensuring continuous awareness of suspicious activity.
Receive Automated Alerts on vessel movements, ownership transitions, and potential compliance breaches.
Leverage a Traffic-Light Risk Indicator System (green-amber-red) for intuitive assessment and swift decision-making.
Access Up-to-Date Intelligence with dynamic risk assessments that adjusted as new data emerged.

By implementing this solution, the organisation gained continuous visibility into their shipping operations, mitigating regulatory and operational risks efficiently.

The implementation process

The organisation seamlessly integrated Seasearch Ongoing Monitoring and Stay Alert into their existing risk management framework. Key steps included:

Centralised Escalation for a Streamlined Workflow: Ensuring clear audit trails and structured decision-making processes.
Customised Alert Settings: Tailoring notifications to focus on specific vessels, risk indicators, and operational needs.
Team Training and Onboarding: Equipping key personnel with the expertise to interpret alerts and take appropriate action.
Ongoing Support and Optimisation: Conducting regular reviews to refine monitoring accuracy and operational efficiency.

The results

Within the first few months, the organisation experienced measurable improvements, including:

Early Detection of Compliance Risks: The system flagged a vessel that had recently switched to a high-risk flag state, enabling a reassessment before any regulatory breach occurred.
Proactive Monitoring of Vessels and Fleets: Identifying potential illicit activities early and mitigating risk with access to the latest intelligence from Lloyd’s List.
Reduced Manual Workload: Automated alerts streamlined monitoring efforts, saving valuable time and resources.
Improved Decision-Making: Real-time intelligence empowered stakeholders to take proactive steps before risks escalated.

Key benefits of seasearch ongoing monitoring and stay alert

Enhanced Regulatory Compliance: Ensures adherence to global sanctions and trade regulations.
Proactive Risk Management: Identifies and mitigates potential threats before they impact operations.
Operational Efficiency: Automates monitoring processes, reducing manual effort and improving response times.
Customisable Alerts: Tailored notifications provide relevant, actionable insights.
Improved Business Confidence: Empowers stakeholders with real-time intelligence for informed decision-making.

Conclusion

By leveraging Seasearch Ongoing Monitoring and Stay Alert, the organisation transformed its approach to maritime risk management. Continuous monitoring and automated alerts strengthened compliance, security, and operational efficiency, demonstrating the critical importance of real-time maritime intelligence in today’s complex regulatory landscape.

Case study: Enhancing maritime risk management with ongoing monitoring and stay alert