Integrated Trade Compliance Strategies: Seven Best Practices of Leading Traders
In the series of posts itemizing the “7 Best Practices of Integrated Trade Compliance” described in our most recent white paper we have attempted to briefly capture some of the ways leading traders are effectively responding to the various risks associated with rapid globalization, increasing supply chain complexity, and intensifying international regulatory vigilance.
To help benchmark how your organization’s current practices stack up by comparison to those regarded as Best Practice Leaders in the field of trade compliance, consider the following questions:
• Is global trade compliance a corporate priority?
• Do you have a champion who owns trade compliance across the enterprise?
• Have Key Performance Indicators been developed to measure trade compliance performance?
• Are automated systems in place to track trade compliance variables?
• Are cross-functional communication protocols in place for compliance priorities?
• Do corporate plans for growth and expansion include trade compliance factors?
• Are third-party service providers engaged as partners in achieving trade compliance?
If you answered “yes” to all of the above, that’s terrific and you should be congratulated for being a Best Practice Leader in this regard. You are, however, also the exception to the rule. Fact of the matter is that the majority of companies are still struggling with the issue of trade compliance and coming to terms with the difficult challenge of how best to integrate the concept into their routine management practices and achieve the benefits of doing so.
Also in this series:
• 7 Best Practices of Leading Traders
• Corporate Leadership is Essential to Effective Trade Compliance
• Trade Compliance Needs to be Owned by a “Champion” or Team Within the Organization
• Successful Trade Compliance Depends on Benchmarking
• Automating Your Trade Compliance Success
• Effective Communications Protocols are Vital Aspects of Trade Compliance
• Integrate Trade Compliance Into Plans For Growth & Expansion Into New Markets
• Team up with Professional Service Providers for Compliance Success
• Putting Best Trade Compliance Practices Into Action