The energy major is the latest high-profile company to adopt Windward’s artificial intelligence-powered systems, following other energy majors, commodity traders, banks and law firms.
Windward’s systems have a wide range of applications, including due diligence on counterparties, cargo-related data, and vessel performance insights. Its digital systems are likely to prove increasingly valuable as shipping regulations ramp up, compliance presents a growing challenge, trade sanctions are extended, and piracy and state-sponsored hostilities continue to mount.
Windward’s company-related systems, which use algorithms based on 300 behavioural analytics models and more than 10 billion data points, help to verify that trading partners do not constitute a compliance risk. Its ship-related services include the patented Know Your Vessel due diligence procedure to streamline business operations and avoid compliance interruptions or delays.
“We are thrilled to announce our agreement with Shell, a company at the forefront of technology adoption, to provide them with the latest solution for regulatory compliance and risk analysis,” said Ami Daniel, co-founder and CEO of Windward.
“The partnerships we have established in the last year highlight the major shift across the energy and trade finance sectors towards digitalisation and the use of AI-powered, commercial technology to enhance business practices. We are proud to be a partner on this journey that is transforming the future of the global energy industry.”
The company claims to be working with customers who account for 40% of global oil trading, and insurers who cover about 65% of the world fleet by tonnage.
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