Trade Compliance Program: Management Commitment
The commitment of senior management is critical to a successful compliance program.
Senior Management:
- Should institute written export and import compliance standards
- Commit sufficient resources for the compliance program
- To develop, implement, and maintain
- Establish a compliance group – possibly assign a compliance manager
- For long term on-going investment
- Communicate management policy of commitment to compliance
- Build a corporate culture of commitment to compliance
- Evaluate and ensure commitment integrity of the compliance program
Risk Assessment can assist in gaining management commitment:
- Determine the risks of non-compliance
- Criminal & Civil Penalties
- Operational Constraints
- Denial of Export Privileges
- Damage to Companies Reputation
- Asset Forfeiture
In the near future, we will have a blog post and will discuss risk assessment as part of an effective trade compliance program so stay-tuned!
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