A Predictive Intelligence company, Windward, announced that it is collaborating with an international marketing and development subsidiary of SOCAR, SOCAR Trading. This company will be applying Windward’s AI-powered platform to accelerate its assiduity and screening processes during chartering its tankers, monitoring its fleet, and receiving cargo from third-party vessels.
Richard Baron, Head of Compliance at SOCAR Trading, stated, “We’re always on the lookout for innovative solutions that we can build into our compliance program that protect our interests and give us an edge over non-compliant actors in the market. Windward’s AI-powered platform generates meaningful alerts with a low rate of false positives allowing the compliance team to dedicate more time on assessing and analyzing key risks.”
SOCAR Trading is a part of the national oil company of Azerbaijan and established very well across the value chain. Exploration and production, logistics and wholesale, pipeline and exports, refining and petrochemicals, and retail and distribution are among its assets and activities. SOCAR possesses and rents crude and product tankers and also gets cargo from third-party vessels. In the face of an increasingly complex sanctions environment, evolving expectations of regulators and financiers, and advanced dodging strategies, the organization seeks a high-level solution for screening and tracking marine vessels, fleets, and companies to guarantee that they are safe to do business.
Ami Daniel, CEO, and Co-Founder of Windward said, “We are proud to collaborate with SOCAR Trading, a trailblazing company in the risk and compliance space. Our Predictive Intelligence platform is essential for traders to gain a comprehensive view of the entities they conduct business with to mitigate risk and optimize operations. In an ever-changing regulatory landscape, Windward is empowering traders to go beyond maritime compliance and safety to digitalize their business for operational readiness and future-forward decisions.”
The Maritime AI platform from Windward looks at a variety of factors, such as vessel behavior, ownership arrangements, company risks, and more. It also predicts which organizations and boats pose a high risk to do business with in real-time. Windward’s Predictive Intelligence technology integrates effortlessly into existing workflows, flagging suspicious events with 4X fewer false positives than traditional solutions, allowing SOCAR Trading to save time, boost productivity, and focus on other business objectives.
