I recently participated in another KPMG TradeWatch webinar on export compliance smart practices for audits and corrective actions. The presenters packed a lot of useful information into 60 minutes. Here are some highlights.

Employ transactional testing to determine areas of greatest risk including: licensed shipments, end destinations, end users, freight forwarders, jurisdiction and classification determinations, denied party screening.

Periodic Self Testing using:

Internal Controls- Do they provide visibility?

Internal Processes- Are they appropriate for the level of business?

Systems- How are compliance updates handled?

Personnel- Is staff trained in export compliance responsibilites? What is escalation protocol?

External Factors- What procedures and communication is in place for third parties and supply chain partners?

 

Consider voluntary self disclosures as part of corrective actions. VSDs can help mitigate fines and penalties.