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WP_Hook->do_action( $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->apply_filters( $value = '', $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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do_action_ref_array( $hook_name = 'parse_request', $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->do_action( $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->apply_filters( $value = '', $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->do_action( $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->apply_filters( $value = '', $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->do_action( $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->apply_filters( $value = '', $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->do_action( $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->apply_filters( $value = '', $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->do_action( $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->apply_filters( $value = '', $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->do_action( $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->apply_filters( $value = '', $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->apply_filters( $value = '', $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->do_action( $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
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WP_Hook->apply_filters( $value = '', $args = [0 => class WP { public $public_query_vars = [...]; public $private_query_vars = [...]; public $extra_query_vars = [...]; public $query_vars = [...]; public $query_string = ''; public $request = 'wp-json/wp/v2/posts/8873'; public $matched_rule = '^wp-json/(.*)?'; public $matched_query = 'rest_route=/wp%2Fv2%2Fposts%2F8873'; public $did_permalink = TRUE }] )
{"id":8873,"date":"2018-01-02T09:51:04","date_gmt":"2018-01-02T09:51:04","guid":{"rendered":"http:\/\/moovafrica.com\/news\/?p=8873"},"modified":"2018-01-02T10:00:32","modified_gmt":"2018-01-02T10:00:32","slug":"global-trade-compliance-the-abc-of-trade-compliance","status":"publish","type":"post","link":"http:\/\/moovafrica.com\/news\/global-trade-compliance-the-abc-of-trade-compliance\/","title":{"rendered":"GLOBAL TRADE COMPLIANCE (The ABC of Trade Compliance)"},"content":{"rendered":"
<\/p>\n
\u201cAll the best intentions in the world can’t guarantee that a company is complying with the volumes of laws and regulations that govern international trade.\u201d<\/strong><\/span><\/p>\n\n
<\/p>\nDr. Obiora Madu<\/figcaption><\/figure>\n
Background<\/strong><\/span><\/p>\n
A<\/span>s<\/span><\/strong><\/span> demand for international goods increases, so does the expectation that shipments will arrive on time, without issue. Keeping pace with regulatory requirements and compliance documentation rules and formats is a necessity in today\u2019s global business environment if you want to ensure shipments keep moving on schedule. Businesses are facing an increasing number of compliance requirements in the countries in which they operate, while growing regulatory environment, higher business complexity and increased focus on accountability<\/span><\/p>\n
have led enterprises to pursue risk and compliance initiatives across the organization.<\/span><\/p>\n
However, these initiatives are uncoordinated in an era when risks are interdependent and controls are shared, leading to gross inefficiency, duplication of efforts and a silo view of the world. Staying competitive means consistently improving supply chain agility, compressing cycle times, optimizing sourcing decisions, lowering distribution costs, cementing relationships with strategic suppliers and delivering on increasingly complex customer demands.<\/span><\/p>\n
Corruption in the form of Trade Malpractices has a corrosive impact on both market opportunities overseas and the broader business climate. It also deters foreign investment, stifles economic growth and sustainable development, distorts prices, and undermines legal and judicial systems. More specifically, it is a problem in international business transactions, economic development projects, and government procurement activities.<\/span><\/p>\n
Corporate directors, officers, employees, and agents put themselves at risk of incurring criminal or civil liability when they do not adhere to the laid down rules and regulations governing international trade in their country and other countries. A good compliance culture is shown by the promotion of a positive attitude towards compliance activity at all levels within an organisation. It is generally reflected in people proactively seeking to understand and act in compliance with the legal and regulatory obligations affecting their work.<\/span><\/p>\n
Today’s environment is one of increasing expectations. Customers are demanding freight forwarders to handle more “high-burden” responsibilities like compliance checking and electronic data submissions, while at the same time expecting greater visibility across the supply chain and lower transaction costs. Coupled with increasingly vigorous competition for customers, opportunities are at a premium, and losses felt more intensely than ever.<\/span><\/p>\n
What is Trade Compliance? <\/strong><\/span><\/p>\n
Trade Compliance, what does it mean? Well, it depends on who you ask. If you ask senior Management, they might tell you that Trade Compliance is an unnecessary cost. If you ask Sales, they might tell you that Trade Compliance is a barrier to expanded sales. If you ask Logistics they might tell you that Trade Compliance slows down the supply chain. If you ask Engineering, they might tell you that Trade Compliance is a pest constantly asking for product specifications. If you ask Finance, they might tell you Trade Compliance pays out a lot\u00a0in duties and taxes.<\/span><\/p>\n
<\/p>\n
If you ask Marketing, they might tell you, what is Trade Compliance? If you ask Legal, they might tell you Trade Compliance keeps senior Management out of jail. If you ask Procurement, they might tell you Trade Compliance bugs them for country of origin verification.<\/span><\/p>\n
If you ask Compliance, they will tell you that Trade Compliance is the hidden jewel of an organization; very few people know it exists but would feel the impact of not having it around. Trade Compliance saves organization money by ensuring that duties and taxes are not overpaid. Trade Compliance saves organization money by preventing or mitigating fines and penalties. Trade Compliance increases operational efficiency and customer satisfaction by reducing delays in customs clearances.<\/span><\/p>\n
When it comes to import\/export or trade compliance issues, supply management professionals often find themselves navigating stormy waters as they balance the job of moving products swiftly through the supply chain with the responsibility of helping keep the country secure. An important aspect of international trade and goods movement is to ensure that business partners, shipping countries and products being shipped meet the import and export regulations of countries the products are moving through.<\/span><\/p>\n
Trade compliance regulations have increased dramatically over the past several years, prompting many companies to establish an import\/export compliance department or appoint a compliance manager\/director who manages compliance responsibilities. Global trade is transforming from a back-office function to the focus area of strategic corporate-wide initiatives, it has become important for executive leadership to decide exactly how global trade compliance fits into the company because it is “the steel thread that winds throughout the organization.”<\/span><\/p>\n
No matter how trade compliance is managed, experts say that steel thread will be closely woven into the operations of the supply management organization because you can’t separate compliance management from supply chain processes because. So many compliance responsibilities are embedded in the international supply chain.<\/span><\/p>\n
Benefits of Trade Compliance<\/strong><\/span><\/p>\n
Without trade compliance, a global supply chain can\u2019t achieve operational excellence. Unexpected delays, fines and penalties associated with noncompliance can easily erase expected revenue gains from offshoring. Compliance is needed to deliver goods in a timely manner; maximize supply chain efficiencies; lower costs and increase revenues; decrease cycle times and lower inventory levels.<\/span><\/p>\n
Governance:<\/strong>\u00a0With an increase in activism among shareholders and increased scrutiny from the regulatory bodies, corporate boards and executive teams are more focused on governance-related issues than ever before. The governance process within an organization includes elements such as definition and communication of corporate control, key policies,\u00a0enterprise risk management<\/a>, regulatory and compliance management and oversight. \u00a0<\/span><\/p>\n
![\"\"](\"http:\/\/moovafrica.com\/news\/wp-content\/uploads\/2017\/10\/Dr.-Obiora-Madu-Profile-Photo-271x300.jpg\")
![\"\"](\"http:\/\/moovafrica.com\/news\/wp-content\/uploads\/2018\/01\/GLOBAL-TRADE-COMPLIANCE-92.jpg\")
<\/p>\n![\"\"](\"http:\/\/moovafrica.com\/news\/wp-content\/uploads\/2018\/01\/GLOBAL-TRADE-COMPLIANCE-5.png\")
<\/p>\n![\"\"](\"http:\/\/moovafrica.com\/news\/wp-content\/uploads\/2018\/01\/GLOBAL-TRADE-COMPLIANCE-3.jpg\")
<\/p>\n![\"\"](\"http:\/\/moovafrica.com\/news\/wp-content\/uploads\/2017\/12\/Cargo-Ad-1.jpg\")
<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"