In the fourth white paper in our series concerning the theme of integrated trade compliance strategies, we have attempted to unpack one of the most significant best practices of international traders, which is the appointment of a “trade champion” or team to oversee compliance priorities across business functions and throughout the business cycle.
The following benchmarking questions are designed to help evaluate your company’s trade compliance efforts relative to benchmarks set by world-class organizations:
Is global trade compliance a significant priority for your company?
Is your board and senior management aware of the implications of your international trade activities at all levels?
Do your strategic plans incorporate risks and opportunities associated with international and global trade activity?
Has a qualified individual or team been charged with overseeing trade compliance with respect to your company's global sourcing, export market development, and international manufacturing operations or partnerships?
Is there a process in place to analyze strategies to expand into new markets and evaluate potential trade compliance risk prior to decisions being made?
Are procedures and communication channels in place to track, monitor, and report trade compliance variables at the management level of your company?
In a world of increasingly complex supply chains and rapidly emerging new markets for North American importers and exporters, trade compliance expectations have never been higher. Companies that are able to navigate successfully through the dynamic challenges posed by globalization place a priority on ensuring that risks are mitigated, and opportunities maximized.
This is best accomplished through ownership and accountability – and the trade champion plays a crucial role in bringing focus, due diligence, and ultimately successful outcomes, to this evolving challenge.
Other posts in this series:
- The Role of a Trade Compliance Champion: Case Studies
- Trade Compliance Models - Part IV: Cross-Functional Team
- Trade Compliance Models - Part III: Trade Compliance Champion
- Trade Compliance Models - Part II: International Trade Compliance Department
- Trade Compliance Models - Part I: Multi-Country Team
- Responsibilities of the Trade Champion: Tactical Perspective
- Responsibilities of the Trade Champion: Strategic Perspective (Part II)
- Responsibilities of the Trade Champion: Strategic Perspective (Part I)
- Why is a Trade Champion Necessary?
- The Role of a Trade Compliance Champion
Click here to download the white paper.