Trade compliance management involves the process and procedures by which goods/products are either imported or exported from a country. This critical supply chain component requires vast knowledge and expertise within the realm of laws, rules, and regulations surrounding international trade as individual countries have varying compulsory requirements. With a complex and evolving landscape of international trade regulations, ensuring a fully compliant supply chain can be challenging, which can leave a company vulnerable to both financial and reputational risks.
When considering a trade compliance program, here are 10 services that can strengthen a company’s portfolio while minimizing potential risk:
Applies to duty rates and a review of availability for preferential agreement declarations, and validation of tariff classification currently in use for existing products including ECCN/Dual Use classification assignment
From free trade eligibility and qualification to a review of potential duty free and duty reduced tariffs, this offers an in-depth analysis of components within finished goods to confirm said goods meet all rule of origin criteria outlined in free trade agreements
Government compliance and security programs management (CTPAT, AEO, etc.) to ensure full compliance and benefits of available programming
The complete review of import/export declarations for accuracy, as well as audits based on risk assessment criteria such as valuation, tariff, preferential declaration, and special provisions
The refund of certain duties and certain fees collected upon the importation of goods/products that applied when the goods/products are exported – adding more value to a company’s bottom line
In addition to monitoring, audits include a full analysis of root cause issues to implement corrective actions and permanent resolutions which are maintained based on responsible party and issue identified
The process of reviewing customers and consignees to verify that a party is not on any federal restricted party list, meaning the entity has previously had export privileges revoked
Ensures that an importer/exporter is meeting the regulatory compliance requirements but also maximizing duty minimization opportunities
These products require heightened levels of expertise and product knowledge due to the sensitivity surrounding their movement and the risk involved
Allows an importer to declare product value to Customs with the opportunity to adjust (within a prescribed timeline) based on actual quantity shipped at the end of a fiscal year for potential volume discounts
With complex global economic factors at play, regulations can shift rapidly - creating a multitude of challenges for managing a compliant supply chain. Companies need a strategy with that in mind which delivers certainty and assurance even in an ever-evolving landscape of myriad risk.
In today’s world, non-compliance is more than a fine – it can cost you your entire supply chain.
To discover more about BDP's trade compliance management solutions and how they can complement your compliance programs, click here.