9 Steps to Perfecting the Global Trade Balance

(Logistics Today – Carmen Yunker, J.P.Morgan)

U.S. export compliance enforcement continues to escalate. The recent $9.4 million export compliance and economic sanction penalty violation levied against DHL is a good indication that the U.S. government has no problem issuing costly penalties, even in these difficult times. Inexplicably, with an increasingly active compliance enforcement environment, some companies continue to scale back financial and workforce resources related to export compliance. That isn’t consistent with basic corporate risk mitigation policies.

Corporate executives are best served by balancing the risk of violating basic trade regulations with the need to keep an effective export compliance program. Having a compliance program on “paper” is not enough to prevent a company from being subject to penalties and operational risk. The challenge is creating the right compliance environment for each business.

An effective compliance program can be maintained on a reduced budget if the essential core practices are clearly defined and followed. Read more here.