Integrating an effective trade compliance program has become a prime requisite for the companies and business entities engaging in various international trading operations. Some of the sectors incorporate an effective compliance program however; most of them ignore it. One must remember that integrating a program does not complete the objectives of compliance completely. What matters the most, is that the program needs to be systematic and effective at the same time.
There are various elements that determine the success of internal compliance program. In fact, in order to incorporate a compact compliance program for the company, opting for a competent consultancy firm proves to be valuable. Expert compliance consultants involve adequate assessments and audits to determine an effective internal control plan (ICP) for the company.
Now let us have a quick look at the major aspects that work as the foundations of an effective export management and compliance program of the company.
All though the compliance consultants can help to develop an effective export compliance program, the overall success of the program depends largely on the commitment of the management. In fact, it is the primary objective of the senior management to actively commit the necessary resources associated with the program development. In addition to this, ensuring that the organization meets the standards of compliance is also considered to be the prime responsibility of the senior management.
Review of the compliance program is one such important aspect which is often ignored by most of the firms. There are numerous instances when adequate assessments and audits bring out potential risks within the program. Regular evaluation of the export plan through ensures effective fulfilment of the compliance objectives.
All the parties associated with the transaction, from the supply chain to the customer, needs to be adequately screened in order to safeguard the export process. The screening should be done according to the national and international control lists like denied lists, restricted lists and sanctioned lists. Taking the help of advanced web-based screening process proves to be highly beneficial in this aspect.
This also acts as a major determinant of the success of internal compliance program. The records of shipments, transactions and exports should be systematically saved. Using advanced software-based applications for record keeping proves to be valuable.
In addition to this, other factors like periodic audits and regular monitoring also ensure the efficiency of the compliance program-me. However, achieving the objectives of total compliance becomes a lot easier when the companies opt for advanced software solutions like export classification software.
There are various elements that determine the success of internal compliance program. In fact, in order to incorporate a compact compliance program for the company, opting for a competent consultancy firm proves to be valuable. Expert compliance consultants involve adequate assessments and audits to determine an effective internal control plan (ICP) for the company.
Now let us have a quick look at the major aspects that work as the foundations of an effective export management and compliance program of the company.
- Commitment of the Management
All though the compliance consultants can help to develop an effective export compliance program, the overall success of the program depends largely on the commitment of the management. In fact, it is the primary objective of the senior management to actively commit the necessary resources associated with the program development. In addition to this, ensuring that the organization meets the standards of compliance is also considered to be the prime responsibility of the senior management.
- Assessing the Risks Associated with the Compliance Program
Review of the compliance program is one such important aspect which is often ignored by most of the firms. There are numerous instances when adequate assessments and audits bring out potential risks within the program. Regular evaluation of the export plan through ensures effective fulfilment of the compliance objectives.
- Pre and Post Export Compliance Screening
All the parties associated with the transaction, from the supply chain to the customer, needs to be adequately screened in order to safeguard the export process. The screening should be done according to the national and international control lists like denied lists, restricted lists and sanctioned lists. Taking the help of advanced web-based screening process proves to be highly beneficial in this aspect.
- Systematic Record-Keeping
This also acts as a major determinant of the success of internal compliance program. The records of shipments, transactions and exports should be systematically saved. Using advanced software-based applications for record keeping proves to be valuable.
In addition to this, other factors like periodic audits and regular monitoring also ensure the efficiency of the compliance program-me. However, achieving the objectives of total compliance becomes a lot easier when the companies opt for advanced software solutions like export classification software.