An vdr system is similar to the black boxes of an airplane, storing various kinds of data that can be retrieved and analysed in the event of an accident at sea. The system is made up of a device that gathers data using sensors onboard and an enclosure that protects the data. It is designed to withstand fire and pressure in deep seas, shock and penetration. It comes with a satellite-locatable system of communication that is connected to the ship’s Emergency Position Reporting System (EPIRB).
IMO regulations stipulate that the system must be fitted with a Concentrator that is able to process and decrypt the data gathered by the sensors, and a final recording medium that is stored in a fixed and retrievable capsule, which is able to withstand a devastating accident at sea. It is capable of performing an audit of performance at any time. This can be conducted annually or following repairs or maintenance of the VDR or signal sources that transmit data to the system.
A reliable VDR has a mobile-first layout that lets parties sign in, review documents and sign out from desktops and laptops as well with smartphones and tablets, but still offering the same core functionality. Make sure the software is easy to use, which will accelerate due diligence and deal-making.
Find a VDR that offers page-level user activity monitoring to generate audit trails and provide useful business data on the progress of document review. If you observe that the HR and legal due-diligence teams spend most of their time reviewing documents on a certain subject, you can identify any potential liability concerns early on and address them immediately.