White Paper #2 Video Series: 7 Best Practices of Leading Traders | Systems have been put in place to track and measure trade compliance variables in supply chains and sales channels.
Reynold Martens, Executive VP of GHY International, discusses the fourth “best practice” in the Integrated Trade Compliance Strategy white paper describing The 7 Best Practices of Leading Traders.
Automated tools, centralized electronic recordkeeping and a visible audit trail are generally recognized as elements of a best practice approach to trade compliance. Today, many supply chain software providers have teamed up with global trade management service providers to develop joint solutions that integrate and automate import, export, and trade agreement activities with logistics applications designed to track shipments, provide landed-cost assessment, ensure accurate data management, avoid fines, and leverage trade agreements favourably.
Regardless of the particular technology utilized, the compliance systems of best-in-class companies tend to share the following features: online access to trade-related content (e.g., HS classifications), import/export document generation capabilities, automated commodity screening (e.g., for denied, restricted, sanctioned goods before and at transaction), document exchange with service providers, updates and validations to/from HS classifications and product matrix database, and compliance to cargo security programs such as C- TPAT.
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