Pole Star and partners Dow Jones Risk & Compliance have been shortlisted for the GTR Leaders in Trade Award for Best Technology Collaboration after impressing industry judges.
The awards recognise the market’s pioneering institutions and focus on excellence in the trade, commodity, supply chain, export finance, and fintech markets.
Pole Star and Dow Jones partnered in May 2019 to provide a more complete view of regulatory risks for organisations in maritime trade, enabling users of Dow Jones’ modular solution, RiskCenter Trade Compliance, to access additional intelligence for vessel screening and monitoring via Pole Star’s PurpleTRAC.
With one regulatory change occurring every 12 minutes in financial sectors, alongside increasing scrutiny on maritime trade and shipping - including banks that finance world trade and insurers for cargoes - demand for a more digital, joined-up approach to managing regulatory risk has never been higher.
Designed with and for companies with regulatory exposures in maritime trade and shipping, PurpleTRAC incorporates both vessel screening and tracking, while enabling users to automate, streamline, and record their regulatory process, generating an all-important audit trail for demonstration of best efforts in compliance.
Trade finance and compliance teams are recognising that risk can be associated with many elements of a trade transaction: the goods being traded, the buyers and sellers, the cities and ports along the shipping route and the shipping vessels themselves.
The Dow Jones and Pole Star partnership addresses this challenge, setting a new standard for safeguarding against criminality in maritime trade and providing an essential and more complete view of regulatory risk and intelligence by integrating Dow Jones data into PurpleTRAC.
The combined solution allows users to see critical data on a vessel’s comprehensive voyage history, screening checks, and voyage events in real-time. The tool further streamlines due diligence and monitoring processes, from initial checks to the completion of a voyage.
“We are proud to have been listed as a finalist for this GTR Leaders in Trade Award and believe that it is a testament to the technology and the teams behind the Pole Star and Dow Jones collaboration. Both companies have backgrounds in innovative technology and the joining of the two exemplifies our strong understanding of the data-driven insight needed by our customers and the tools required to empower their critical compliance decisions and actions. At Pole Star we place a strong emphasis on collaborative partnerships with global banks, financial institutions, other industry experts, and members of the supply chain, and believe that this award demonstrates the importance and benefits of such relationships.” Simon Ring, Global Head of Financial Markets Compliance, Pole Star.
The GTR Leaders in Trade Awards will take place in London on 30 April 2020, where the winners will be announced.
For more information visit: https://www.gtreview.com/gtrawards/