Who we help
Industry
Finance
Job Title
Head of Compliance
Role
Responsible for ensuring that the Ship Finance operations remain compliant with applicable laws and regulations
Data
Vessel Data, Ownership Data, Vessel Tracking, Sanctions data, Compliance Data, Cargo Data, Container Tracking, Incident Data
Ship Finance
The role of ship finance is to provide financial resources and services to support the construction, purchase, and operation of ships. It involves managing the financial risks associated with shipping investments and ensuring the availability of funds for the maritime industry.
The following is a workflow for a Head of Compliance within a Ship Finance team:
· Compliance Assessment: Assess the compliance risks of the company and the ships under its management. This involves reviewing relevant regulations, identifying potential areas of non-compliance, and establishing a compliance framework.
· Policies and Procedures: Develop and implement policies and procedures to ensure that the company and its ships comply with relevant regulations. This includes developing compliance manuals, training programs, and communication plans.
· Training and Awareness: Ensure that all employees are trained on compliance policies and procedures. This includes providing training on anti-corruption, anti-bribery, and anti-money laundering regulations, as well as providing awareness training on the importance of compliance.
· Due Diligence: Conduct due diligence on business partners, suppliers, and other third-party entities to ensure that they comply with relevant regulations. This includes conducting risk assessments, background checks, and ongoing monitoring of third-party activities.
· Monitoring and Testing: Monitor and test compliance policies and procedures to ensure that they are effective and meet regulatory requirements. This includes conducting audits, reviewing internal controls, and reporting compliance issues to senior management.
· Incident Management: Manage compliance incidents, including incidents of non-compliance or breaches of regulations. This involves investigating incidents, developing corrective actions, and reporting incidents to relevant regulatory authorities.
· Regulatory Reporting: Ensure that the company and its ships comply with relevant regulatory reporting requirements. This includes preparing and submitting reports on environmental compliance, safety compliance, and other regulatory requirements.
· Compliance Culture: The head of compliance promotes a culture of compliance throughout the company and its ships. This includes communicating the importance of compliance to all employees and crew members, and encouraging a culture of transparency and accountability.
Overall, the head of compliance plays a critical role in ensuring that the company and its ships comply with all relevant regulations. By following this workflow, the head of compliance can assess compliance risks, develop effective policies and procedures, train employees and crew members, monitor compliance, manage incidents, and promote a culture of compliance.