With one regulatory change occurring every twelve minutes on average in financial sectors, demand for a more digital, joined-up approach, which enables regulated institutions to manage regulatory intelligence & risk more effectively, has never been more crucial.
Failure to comply to the rapidly shifting regulatory landscape results in crippling enforcement fines, damaged reputation, lost customers and revenues, and depressed stock values. Estimates now show that the reputational cost to companies is around 9 times greater than any resulting fine, and in many cases fined businesses are never able to recover fully.
Recently, regulators have turned their focus to look more closely at the maritime trade & shipping sectors, including the banks that finance world trade & the insurers that insure cargoes. With 90% of all traded goods transported by sea, this comes as no surprise, however managing this area of risk until recent years has been almost impossible in a way that is commercially viable and still allows business to flow.
In this paper, we will be using our knowledge as a leading maritime technology provider to explore one of the most well-known systems in the maritime world, which underpins vessel tracking and is now a major talking point among governments and regulators worldwide; Automated Identification System (AIS). We will discuss the advantages and pitfalls of AIS, and how alternative approaches utilising both AIS and other satellite tracking capabilities can provide more reliable, resilient and secure route to tracking vessels or cargoes in which you may have financial exposure.