Building regulatory compliance on data

EU ETS. DCS. MRV. CII.

You have probably heard all the acronyms and you know there are more coming. The regulatory requirements for reporting are steadily increasing as the industry is pushed to contribute more to reduce emissions. And this is likely just the beginning because, despite being one of the most efficient means of transportation, the industry still emits too much in absolute terms. So regulatory reporting will become a central part of vessel operations and owners and operators need to be prepared to manage and operate vessels in a transparent and auditable manner.

To comply with regulatory requirements, you will likely need more data. A lot more data.

To comply with regulatory requirements, you will likely need more data. A lot more data. And to comply in an efficient manner, you will need access to data in a more automated, reliable and holistic way. This will increasingly demand that you have access to high frequency operational vessel data direct from the source system. If you do not build the right foundation for getting data from vessels, you will spend a lot of time and cost on consolidating data from different systems, with the practical issues that implies as well as the challenge of providing an audit trail.

Consequently, to ensure you can meet current and future regulatory requirements (such as for instance the introduction of the EU ETS scheme for maritime) in an efficient and scaleable way, you should develop a clear vessel data strategy built on fundamental principles that cut across all your digital initiatives. You need to ensure you choose a path to data that allows you to scale with your ambitions, while avoiding lock in and vendor dependence, as well as minimizing complexity in fleets with heterogenous onboard system architectures. Most fleets are mixed and most vessels differ from each other, so choosing a technology and vendor agnostic data capture solution is critical.

Finally, in order to be able to build your reporting processes on the access to high frequency vessel operational data, you need to be sure that there will be someone ensuring the reliable operation of your infrastructure, in essence delivering you the data you need as a service, ensuring you can focus on complying with regulatory requirements not wether the data is available.

If you have the right data, reporting and regulatory compliance will be straightforward and if you have the right infrastructure you know you can easily adapt to future requirements. Get in touch to learn more about how RaaEdge can aid you in playing your part in the necessary journey to decarbonisation.