In the current economic and political climate, the role of trade compliance in profitability and shareholder value has captured the attention of corporate executives, board members, their consultants and advisors.
Corporations with strong, well-coordinated compliance controls characteristically achieve highly effective, efficient and streamlined operations that sustain cost reduction measures. Their supply chain processes are usually highly evolved, flexible and lean. And their growth strategies are typically advanced, capturing market share in emerging markets in advance of their competitors, with brand equity protection from reputation-tarnishing export control violations.
Not since Sarbanes-Oxley has the specter of executive and director personal liability for corporate actions been top of mind for so many. And as with SOx, reducing the risk of exposure to trade compliance violations that compromise reputations, both personal and corporate, starts with executive commitment.
Corporate activities requiring foreign trade compliance controls
There is little left of the once-popular misconception that trade compliance applies only to companies that import or export; that concerns with homeland security, anti-money laundering, nonproliferation, anti-trafficking, counter-terrorism, sanctions, embargoes, denied entities, blocked transactions ... were the purvey of the defense industry.
Few companies these days are without foreign transactions on their books: supply chains have long established low-cost country sourcing, globalization has hit its stride, eCommerce is ubiquitous, and growth is often accomplished through M&As (where trade compliance controls are included in due diligence.)
However, even for corporations without foreign transactions, there are very real trade compliance risks. These are magnified when goods or services fall under the jurisdiction of the Department of State, Directorate of Defense Trade Control (DDTC) and its International Traffic in Arms Regulations (ITAR) or the Department of Commerce, Bureau of Industry and Security (BIS) and the Export Administration Regulations (EAR).
Organizations designated as "Financial Services" under the jurisdiction of FinCEN, universities and research organizations contending with the deemed export rule, foreign subsidiaries of U.S.-based companies within USG extraterrestrial reach ... the list of those vulnerable to export compliance controls grows longer each year.
How we can Help
Visual Compliance provides robust, cost-effective automation solutions and regulatory content to manage all aspects of foreign trade and export control compliance. With over 30 years of experience helping companies easily gain control and visibility over their compliance issues and processes, our solutions are relied on by more than 4,000 companies at home, and abroad to:
- Conduct Restricted and Excluded Party and Specially Designated Nationals screening
- Research current Federal Export Control Regulations and Sanctions
- Determine ECCN classifications and USML categories, and exemption, exception, exclusion or licensing requirements
- Manage export licenses and licensed activities
- Access documentation and audit trails for internal and government due diligence protection
- Manage preferential trade agreements and HTS classifications across locations and countries
- Generate, distribute, file and manage import and export documentation
For more information, call toll-free 1-877-328-7866 and talk to one of our foreign trade compliance consultants. They'll help you analyze your requirements, evaluate your options, and provide focused demonstrations.
Or send an email.
