A vdr system is similar to the black box of an aeroplane, which stores a wide range of data that can be analysed and retrieved in the event of an accident at sea. The system is made up of a device that collects data by using sensors mounted onboard, as well as an enclosure that protects the data. It is designed to withstand fire as well as shock, pressure from deep sea, and penetration. It comes with a satellite-locatable communications unit that is connected to the ship’s Emergency Position Reporting System (EPIRB).

IMO regulations state that the system be equipped with a Concentrator which is able to process and decrypt data from sensors, as well as an end-to-end recording medium which stores the information in a fixed capsule that is able to survive the aftermath of a devastating maritime accident. It should be possible article to perform an inspection of the performance at any time. This can be performed annually or after repairs or maintenance of the VDR or signal sources that transmit data to the system.

A good VDR will have a mobile first design that allows users to sign in, read documents, and sign out on laptops and desktops as well with smartphones and tablets, but still offering the same core functionality. Ensure that the software is intuitive, as this will help accelerate due diligence and dealmaking.

You should look for a VDR that offers page-level user activity monitoring to create audit trails and provide useful business information on the progress of document review. For instance, if you observe that the HR and legal due diligence teams are spending the majority of their time looking over documents related to a specific topic, you can identify any liability issues early and address them in a proactive manner.