Incorporating an effective compliance program is a vital part for all exporters and importers. Knowing about all the rules and regulations related like how and where to begin control analysis is very difficult. Companies providing compliance solution is needed to decide the correct areas where regulations need to be applied as well as technology required.
Content of the classification module is a broad and powerful system. It includes the Export Control Classification Number (ECCN) and United States Munitions list engines. This also helps to classify all the items by answering series of questions.
Companies providing compliance solutions offer a wide range of services namely compliance assessment, compliance program, export licensing, export classification and assistance on technology exports.
Compliance Program Development:
To ensure decisions regarding exports, developing a powerful Internal Control Program (ICP) is the primary step to address by the trading companies.
A good compliance program looks after various areas like international sales, senior management, human resources, engineering and other export related departments. The elements that are included in the compliance program provide a good security to manage the complete export process.
Benefits of a Good Compliance Program:
Compliance Audit and Assessment:
Compliance assessment is the initial process to check the level of compliance accomplished by the company. Depending on the risk assessment results, professionals will conduct an audit to check the export mechanism. The whole process includes interviews with responsible personnel, visiting locations, and evaluation of export documentation and processes/procedures. The report that is provided includes various steps to make the export program better. With increase in the number of audits, flaws become evident thereby paving the way to perfection.
Export Licensing:
Export license determination is the primary and the most crucial step prior to export transaction.
Compliance Program for Technology Transfers:
Outsourcing activities, development, production and global collaboration have emerged enormously. Often, these type of activities need transfer of software and technologies to foreign persons. Export Administrative Regulations specifically control the transfer of the design, development, manufacturing and use type of technology. Any failure in the placing necessary safeguards on the transfer of export controlled software and technology to foreign persons or foreign countries may result in penalties and revocation of export privileges.
In addition to export classification, export licensing and export compliance audits, there are other activities that can ensure compliance. Hiring a good company providing compliance solution proves to be the best solution for trading companies.
Content of the classification module is a broad and powerful system. It includes the Export Control Classification Number (ECCN) and United States Munitions list engines. This also helps to classify all the items by answering series of questions.
Companies providing compliance solutions offer a wide range of services namely compliance assessment, compliance program, export licensing, export classification and assistance on technology exports.
Compliance Program Development:
To ensure decisions regarding exports, developing a powerful Internal Control Program (ICP) is the primary step to address by the trading companies.
A good compliance program looks after various areas like international sales, senior management, human resources, engineering and other export related departments. The elements that are included in the compliance program provide a good security to manage the complete export process.
Benefits of a Good Compliance Program:
- Keeps away from fines, penalties and negative consequences of a violation,
- Maintains a good business reputation
- Decrease the vulnerabilities in importing/export process
- Prevents loss of export privileges
Compliance Audit and Assessment:
Compliance assessment is the initial process to check the level of compliance accomplished by the company. Depending on the risk assessment results, professionals will conduct an audit to check the export mechanism. The whole process includes interviews with responsible personnel, visiting locations, and evaluation of export documentation and processes/procedures. The report that is provided includes various steps to make the export program better. With increase in the number of audits, flaws become evident thereby paving the way to perfection.
Export Licensing:
Export license determination is the primary and the most crucial step prior to export transaction.
Compliance Program for Technology Transfers:
Outsourcing activities, development, production and global collaboration have emerged enormously. Often, these type of activities need transfer of software and technologies to foreign persons. Export Administrative Regulations specifically control the transfer of the design, development, manufacturing and use type of technology. Any failure in the placing necessary safeguards on the transfer of export controlled software and technology to foreign persons or foreign countries may result in penalties and revocation of export privileges.
In addition to export classification, export licensing and export compliance audits, there are other activities that can ensure compliance. Hiring a good company providing compliance solution proves to be the best solution for trading companies.