Multinational companies are not investing in trade compliance training for their employees. Amber Road’s Global Trade Academy conducted a survey to better understand the trade compliance programs and training needs of companies.
Close to 70% of companies stated they had on-going compliance training for employees. Yet only 48% have an annual employee training budget. This discrepancy may be due to using internal resources instead of external training resources.
Furthermore, most executives are not involved in compliance training at all. More than half of respondents (56%) indicated senior management has little or no awareness or involvement in trade compliance training. Also, it has been found that trade compliance training is not standardized. Despite a large number of companies exposed to regulations from various countries, only 45% of companies have globally standardized their trade compliance training.
Additionally, it has been found that violations of trade regulations are frequent when no trade compliance training is in place. Close to a third of surveyed companies (28%) were subject to penalties.
To learn even more, download the Trade Compliance Training Survey white paper to better understand the trade compliance programs and training needs of companies.
This post was published on October 7, 2016 and updated on October 7, 2016.