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What are companies’ top priorities for global trade management in 2015? That was one of the questions AEB and the German university DHBW Stuttgart to 177 businesses at the end of last year as part of the annual Global Trade Management Agenda research series.
The result: businesses consider compliance with embargo regulations their most important responsibility. Second and third place went to assuring legal protection and implementing changes to customs law. Minimising supply chain risks ranked fourth.
This clearly demonstrates the heightened awareness of the significance of export control compliance in today’s supply chains to ensure global trade security, avoid fines and reputational damage, but also to stay competitive in an ever-changing marketplace. The full research study is available here.
Dynamics present constant challenges
Regulatory changes are an absolute term in the world of global trade compliance: the U.S. Export Control Reform, for example, is ongoing and has the potential to impact UK businesses, particularly in the electronics, aerospace, automotive, defence, and telecommunications sectors. The European Union Customs Code’s provisions will take effect in May 2016, and businesses in trade and industry have many questions about the effects on current customs procedures.
In addition, both EU and other global authorities confirm new restrictive measures against countries and individuals all the time, which keeps exporting companies on their toes and calls for constant vigilance in daily business. And of course the latest U.S. proposals to change current controls to allow the use of the cloud for encrypted data also shows the impact of technological advances on export control programmes.
So basically, any development in global export control regulations has the potential to affect existing and future business processes in procurement, manufacturing, and fulfilment – and consequently affects all the various business areas within a company. It’s highly important that companies involved in global trade are aware of their obligations and responsibilities because, unfortunately, ignorance of the law is no excuse, and consequences for export control violations involve civil and criminal penalties and significant fines.
Protect your business: professional forums and education programmes
The conference "Shaping up for the future: Export control challenges now and beyond” is taking place on 8th October 2015 at the Mallory Court Hotel in Leamington Spa. This event provides an ideal platform for UK businesses across industry sectors to learn about latest developments in export controls, and engage in discussions on how latest changes, future trends, and available solutions can shape companies’ future.
Organised by AEB in partnership with the Chartered Institute of Logistics and Transport (CILTUK), this conference brings together supply chain managers and global trade experts from different industry sectors, government bodies as well as specialised consultancy services to keep up-to-date on latest developments. Attendance is free, and registration is open online here.
There is also a new Executive Masters in International Trade Compliance (EMITC) that was recently launched by the University of Liverpool and Full Circle Compliance. Its ultimate goal is to help organisations to become self-sufficient in international trade compliance. What’s special about this new programme is that it’s truly tailored to business and government executives involved in international business. It offers a unique schedule of classes to enable students to continue their full-time employment and combines the latest regulatory and scientific insights with visits to government agencies. More information on the EMITC is available here.
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