Corporate Leadership Identified Trade Compliance as a Priority Compliance becomes part of Corporate Doctrine. Recognized that consequences are significant and can be both Good and Bad. Studies suggest only 40% of senior management have awareness. 7 Best Practices of Leading Traders
“ Champion” or Team Owns Trade Compliance Based upon basic principle; What is owned is Managed. Diffused responsibility = increased enterprise risk. Quarterbacks Outcomes & Reports to Leaders 7 Best Practices of Leading Traders
KPI’s Developed to Measure & Report on Trade Compliance Based upon basic principle; What gets measured, gets Managed. Obvious KPI’s: Penalties, Duties Paid, Duties Saved, Liabilities Avoided. Less Obvious KPI’s: Link Client Satisfaction to Delay Times 7 Best Practices of Leading Traders
Systems in Place to Track & Measure Trade Compliance Variables Tracking Performance as important as KPI’s . Solutions include Automated Tools, Databases, Tracking Software and Variation Diagnostics. Normally Solutions are a mix of In House and 3 rd Party. 7 Best Practices of Leading Traders
Communication & Meeting Protocols to Track Current & Emerging Issues KPI’s and Systems are Foundations for Communication . Visibility Transparency Accountability. Meetings typically review KPI performance; isolate supply chain disruptions, delays, cost overruns, & surprises 7 Best Practices of Leading Traders
Trade Compliance Factored into Growth & Expansion Plans Intentional effort to plan for new suppliers or markets pursued. Errors in foreign markets can have dramatic consequences. Getting it right ensures that compliance issues don’t impact your brand reputation or integrity. 7 Best Practices of Leading Traders
Service Providers Engaged as Partners in Trade Compliance 86% of organizations outsource some aspect to a 3 rd party. (Supply Chain Consortium) Service Providers are engaged as collaborative partners, that share relevant information for organizational benefit. Partners include: Accounting Firm, Legal Counsel, Trade Consultant, Customs Broker, Forwarder and others. 7 Best Practices of Leading Traders
7 Best Practices of Leading Traders Best Practice Leader
Benchmarking Takeaway • Is global trade compliance a corporate priority? • Do you have a champion who owns trade compliance across the enterprise? • Have KPI’s 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?
Thank You Bob Cowie, VP Consulting, GHY International Email: [email_address] Telephone: (204) 947-6851
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