A vdr system is similar to the black boxes of an aircraft, and can store a wide range of data that can be analysed and retrieved in the event of an incident at sea. The system consists of a device that collects data from sensors onboard and a capsule that houses the data. It is designed to stand up to fire and deepsea pressure, shock and penetration. It also has a communication unit that connects to the ship’s emergency position reporting system (EPIRB) and is able of being tracked by satellite.
IMO regulations stipulate that the system is equipped with a Concentrator which processes and encrypts data from sensors, as well as a final recording medium which stores the data in a fixed capsule that can withstand the aftermath of a devastating maritime accident. It should be able to conduct an examination of performance anytime, whether every year or after repairs or maintenance on the VDR or other signal sources that transmit data to it.
A good VDR should have a mobile-first design to allow parties to sign in and access documents on laptops, desktops tablets and mobile devices, while maintaining the same fundamental functionality. Make sure the software you choose to use is easy to use, which will facilitate due diligence and deal-making.
Search for the VDR with a page-level monitor of user activity, which can create audit trails, and provide business intelligence on the document review progress. For example, if you notice that the HR and legal due diligence teams are spending the majority of their time reviewing documents on a certain topic, you can pinpoint any liability issues early and address them proactively.
