Did you remember when was the last time you have noticed your export-import compliance program? What is the right compliance program? Maybe you are working for a company where you are wearing lots of hats- purchasing; logistics and also you have taken care of the customer staffs as well. Your preferences may depend on the reporting structure. If you are reporting to the logistics, the main priority is to get the freight ready within the short period of time. If you are reporting to the Finance, the main priority is to get the product in the reasonable rate. If you are reporting to the legal department, you are talking and somewhere may be worried about the compliance.
Maintaining the export compliance is the goal for each of the exporter and importer for ensuring the employees who are dealing with the export regarding export rules and regulations and also how to stay compliant with them and managing them. Perfect compliance helps in promoting help in maintaining integrity in the company and maintains the standard the company in terms of reputation and brand popularization. The right compliance program acts as a security blanket that helps in protecting the export company and its employees.
In the case of exporting defense articles and technical data, ITAR compliance is very important. Exporting technical data and defense articles is really a complicated issue and there are certain regulations that should be maintained when exporting items.
Here Are Top Three Reasons That You Have To Review Your Import-Export Compliance Program Right Now-
1.An export compliance program acts as the groundwork regarding how you will behave and also ensures that how you will meet the export compliance regulations and obligations to stay compliant with export rules and regulations. How will you know that if your company is adhering to export rules? Export compliance is a moving target with the regulatory changes in the field of economic, operating and industry conditions. This is the reason why a continuous process is required.
2.Having poor or no compliance program increases the chances of the penalties. An established compliance program is very beneficial in reducing the penalties that you may receive in the future time. Do not wait for the violation to happen! The larger the company, the greater the expectations by the Customs and you should possess a functional program in the right place.
3.A good compliance program should be also saving the money of the company. It will help you in reducing the penalties, audits, and border delays.
These are some of the reasons that you should review your import-export compliance report now. But, some of the exporters do not give importance in hiring consultants for making their business compliance with export rules and regulations. Apart from export compliance, export screening is very important to stay compliant with rules and regulations.