Effective Trade Compliance is Not an Option
External review of a compliance program is an essential component
In today’s social media-driven world, managing a corporation’s brand is crucial to remaining competitive - ranging from warning letters to civil penalties, consent agreements, loss of export privileges, customer abandonment and even criminal charges against company executives. In addition, it’s not only a company’s actions that can lead to liability, but also the actions of customers, trading partners, and affiliates. Issues faced by non-U.S. businesses that deal in U.S. commodities can be even more complex, as compliance programs need to take into account U.S. regulations.
Even if your business currently possesses what you believe is a highly effective compliance program, a good prescriptive measure is to have your compliance program undergo an external review on a periodic basis. Doing so brings a fresh perspective to its policies and procedures and can identify any gaps or vulnerabilities that may exist.
The attached article explores various methodologies for compliance program reviews and offers some practical advice for how to make sure your compliance program is running smoothly.