In the last decade, the Federal laws and regulations regarding corporate import and export trade have become increasingly complex, and with a ramping up of the policing and enforcement of trade policy and restrictions, there is no room for error in this business. Under current Federal law, infringement of Federal trade compliance regulations can incur a hefty fine of between $500,000 and $1 million, and can carry a jail sentence of five to ten years per violation. Given that most companies can face over one hundred alleged violations within a single case of Federal trade compliance infringement, having a weak or risky trade compliance policy or strategy just isn’t worth the risk.
Staying Out Of Trouble
The best way to stay out of trouble is to have your corporate trade compliance policies periodically evaluated by an experienced compliance practices firm like Compliance Assurance LLC. Their assessment teams are highly skilled in executing an in-depth review of your company trade policies and strategies for dealing with Export Administration Regulations (EAR), International Traffic In Arms Regulations (ITAR), or compliance with the Office of Foreign Assets Control (OFAC). The comprehensive internal audit focuses on compliance risk analysis, written management and corporate compliance procedures, structure and control within the organization, customer transaction and screening processes, identification, handling, and tracking of regulated items, export and transfer procedures and screening, licensing, testing, and documentation procedures, record keeping, internal monitoring , control, violation report and corrective actions, as well as employee compliance awareness and training.
Once a thorough assessment of your current compliance policies and strategies is complete, their corporate trade compliance specialists will help your employees to recognize the areas of vulnerability or risk in your current compliance plan. They will assist your company in strengthening those areas of you compliance policy, develop and implement better strategies, and train your employees in recognizing and overcoming such weaknesses in the future. Their goal is not just to come in and reorganize your compliance structure, but to ensure that your employees will continue to successfully manage and troubleshoot your corporate compliance policy even after the experts have gone.
