To manage supply chain compliance requirements efficiently and effectively, organizations need not only the knowledge, access to information, and ability to interpret the impact of existing compliance requirements, but they must also have the capability to scan the horizon for new and rapidly emerging requirements, says a new report by Deloitte.
Increased stakeholder expectations, heavy fines resulting from non-compliance with environmental regulations, delayed market access due to complex global trade rules, and a multitude of overlapping product integrity requirements are common challenges organizations must navigate in today’s dynamic global supply chain compliance landscape.
The struggles with managing compliance become more evident when taking a deeper dive into the core issues many organizations face. When it comes to trade, for example, along with the opportunities provided by finding new markets for their products, comes the challenge of staying abreast of a wide array of complex regulations in other countries. Similarly, companies bringing raw materials or finished products into markets often need to contend with a rapidly changing array of import requirements.
A strong compliance program should include a formal process for identifying and responding to import and export requirements to ensure that regulations are met consistently across the organization.
Many organizations can benefit from implementing trade management databases and solutions that perform a range of functions, including:
- Classifying products across all businesses
- Maintaining a compliant and controlled repository for all sensitive bills of materials and classifications
- Automating both import and export processes
- Expediting customs clearance
- Centralizing and controlling global trade and logistics
Regardless of the approach taken, a properly designed supply chain compliance program will enable a holistic method for the organization to discover, prepare, analyze, and respond to existing and emerging supply chain compliance risks and requirements. Designing a scalable and flexible solution that leverages advanced analytics will enable organizations proactively monitor and adapt to ongoing compliance challenges in the supply chain environment.
Click here to download the report.