What to Look For in a VDR System
A vdr system is similar to the black boxes of an airplane, storing many kinds of information that can be analysed and retrieved in the event of an accident at sea. The system is comprised of a unit that collects data from onboard sensors and a protected 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 is connected to the ship’s emergency position reporting system (EPIRB) and is capable of being located by satellite.
IMO regulations require that the system be fitted with a Concentrator which process and encrypts the sensor data, and the final recording medium that keeps it in a fixed and retrievable capsule, which is able to withstand a catastrophic accident at sea. It should be capable of performing checks on the performance of the system at any time. This could be conducted annually or following repairs or maintenance of the VDR or signal sources that supply information to the system.
A reliable VDR should have an interface that is mobile-first. It allows parties to sign in, check documents and sign out from laptops and desktops, as well phones and tablets while still retaining the core functionality. Make sure the software is intuitive, as this will aid in speeding up due diligence and dealmaking.
Look for look for a VDR that offers page-level user activity monitoring to generate audit trails as well as provide useful business intelligence on document review progress. If you notice that the HR and legal due-diligence departments spend most of their time reading documents about a certain topic, you can identify any potential liability issues early and address them in a proactive manner.