Calibrating and testing the model
In our process, we have combined advanced analytics with our 20-year industry expertise, focusing on what will drive positive action in the industry. This means the RightShip Safety Score has been optimised through sophisticated use of data science and reviewed by RightShip’s subject matter experts.
The model consistently weighs more recent incidents, detentions, deficiencies as having a larger impact on the Safety Score, while measuring the action taken by the vessel owner/ operator in response to any incidents, detentions and deficiencies in closing out incidents on the RightShip platform.
As safety standards improve and there is a greater need to review sustainability and social welfare practises as part of a robust due diligence process, RightShip reserves the right to, from time to time, add, amend or remove Safety Score rules as part of RightShip’s continuous effort to improve the RightShip’s Safety Score and as the evolution of our offering.
The Safety Score model design has been tested against its main objective to change behaviour in the industry towards operational excellence. The Safety Score is validated across various KPIs for each of the six sub scores and five objectives, such as transparency, fairness and accuracy.
Testing of the Safety Score occurs every day as new data is added into the system and vessel’s trigger and resolve Safety Score rules.