Thursday, May 12, 2011
Monday, May 9, 2011
Why You Need a Corporate Trade Compliance Specialist
Whether your business is involved in export or import trade, there are specific regulations with which you must comply. Once upon a time, it may have been enough for your office admin assistant to track your corporation’s compliance with international regulations, but that’s no longer true. Many larger corporations have their own corporate trade compliance departments, but that’s not always a cost effective means for smaller companies. Hiring a corporate trade compliance specialist as a consultant can ensure that your export and import practices comply with all regulations without you devoting a full-time position to the task.
Advantages of Hiring a Corporate Trade Compliance Specialist
A corporate trade compliance specialist can perform an audit of your current corporate compliance policy – or help you develop one if you haven’t already. Without a corporate compliance policy, it’s far too easy for your company to slip up on obscure or newly interpreted regulations. Failure to comply with certain regulations can result in significant financial penalties, high interest fees and penalties that cost your company a lot of money. Engaging a trade compliance specialist to perform an audit and develop a trade compliance policy will save your company time and money in the long run.
The best trade compliance consultants will work hand in hand with your company to evaluate your current procedures, develop a trade compliance policy and create a training program to educate your employees about the new procedures and the importance of following them. By taking ownership of the entire process, a corporate trade compliance specialist can help your company identify issues with regulatory compliance, implement immediate solutions and develop a process to avoid any issues in the future.
Compliance with international customs and trade regulations seems to grow more complex with each day. If you’re doing business on a global scale, it’s vital that your company develop and implement an import and export trade compliance policy in order to remain competitive on the international marketplace. The first step in ensuring that your company stays on the right side of all regulatory agencies is hiring an effective, experienced corporate trade compliance specialist and following his recommendations.
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