I have always advised clients that export compliance equals good risk management. Whether or not a formal ECP (Export Compliance Plan) is implemented, there are a number of best practices that are essential for any company involved in international trade.
Compliance is often a “back burner” project for several reasons. Don’t know where to start, lack of C-level commitment, reluctance to allocate resources, too small to worry about compliance, no previous problems, or just plain inertia.
While it is not possible to calculate ROI for export compliance we can identify a value proposition.
Risk Management– avoid the cost of fines and penalties which can reach $1 Million for criminal violations. Think of compliance as insurance.
Save Time– export compliance means less re-work or follow up of requests for information from customers, government agencies, or forwarders.
Make Money/ Grow the Business- basic competence in exporting enables expansion to international markets. Compliance problems will cause customs delays and be an impediment to growth.
Enhance the Brand– similar to ISO certification and C-TPAT, an ECP demonstrates professionalism. Show customers and prospective customers that you know what you are doing.
I would be interested in hearing other value propositions for compliance. In the meantime, why not get started?
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