TNETS is often asked about the best approach for businesses to take in maintaining trade compliance.
TNETS Director, Neil Johnson, was recently called upon to speak on the same subject at a trade management gathering in Singapore. He took the opportunity to share TNETS’ suggestions as to how best practice in trade compliance is best maintained. Below are the six key points of his speech, and these apply within corporations large and small:
– Trade Compliance starts at the top and the message must come from the board of directors. The board needs to communicate what the targets are in each area…… and why.
– Embed compliance as part of a day to day operations and not as separate workflows or sub-routines because adoption will be faster, more sustained and easier to manage in the long run.
– External advisers may need to be called upon to stay ahead of regulations because only the largest of corporations will be able to maintain such a talent pool in-house.
– Deploy software tools and automate trade compliance processes as far as possible. This will help reduce costs, increase uniformity, and minimise exposure to staff availability.
– Train, and retrain key staff….. because manuals, work processes and flowcharts are only useful if front-line staff are familiar with what has actually required them.
– Set stretching goals and reward innovation because the best ideas will come from those maintaining trade compliance day-to-day.
Trade compliance should not be looked upon as a chore. Rather it should be a second nature task to ensure the company is seen as a responsible player in global trade.
This is not intended to be an exhaustive list. Not everything works for everyone but hopefully, this will give food for thought on where to start.
Learn more about our Values and how we apply them to delivering Trade Compliance excellence here.