As companies like yours look to increase revenues and expand into rewarding foreign markets, uncertainties and complexities await. These lurking uncertainties are the primary challenges and complications with export compliance. Rapid growth for your company often means entering new fertile markets, expanding production, and reaching new customers. All of these factors bring immeasurable pressure to your trade compliance team. 

Let’s face it, export compliance is tedious and complicated work. Government rules and regulations are constantly changing and trying to tackle this problem manually can be an overwhelming nightmare. Do not let export compliance control your valuable time. Take back your work day with processes and technologies designed to maximize your efficiencies and reduce export compliance risks.

To compete when selling goods around the world, growing businesses need supply chain and trade compliance solutions that rival large enterprises but can be implemented at a fraction of the cost and time. Your business needs to get things done with fewer resources and shorter time frames. And no one wants to shoulder the risk of a poor software implementation.

Don’t depend on everyone else’s answers on exporting. Before taking the big leap, planners need to ask themselves (and their organizations) if they have the answers to some key questions. Then, begin the research and planning to develop a new export market.

The value of world exports has increased by nearly five times in the 18 years from 1993 to 2011, according to the World Trade Organization. Exports in 1993 were $ 3,676 billion; rising to $17,816 billion in 2011. There are many factors driving this dramatic rise in exporting. They include lower sourcing and production costs in some developing countries and rising consumption in growing economies. This leads supply chain executives to consider new sourcing and distribution models and then to reexamine and optimize those network models on a more regular basis to balance cost and opportunity.

Amber Road conducted a survey of nearly 150 mid-market companies to better understand their export compliance challenges and the extent to which they are performing compliance checks today.

The mandatory checks and balances for export compliance are fairly standard, and most global US corporations are aware of them. However, only 53% of exporters surveyed in a study by Amber Road actually have a full export compliance program (ECP) in place. This leaves many organizations vulnerable and at risk of noncompliance. Penalties and fines have been on the rise and all organizations, large and small, are susceptible to committing infractions when not exercising due diligence. 

In October, Amber Road broadcasted part two of a two part webinar series entitled Export Compliance Webinar Series Part 2: Product Classification and Transactional Screening. Our presenters, Scott Lewis and Steve Keighley, both of Amber Road, received several questions throughout the webinar that they were unable to address during the live broadcast. We have compiled the answers into a Q&A document – here is a preview.

In September, Amber Road broadcasted part one of a two part webinar series entitled, Export Compliance Webinar Series Part 1: Restricted Party Screening. Our presenters, Scott Lewis and Scott Parker, both of Amber Road, received several questions throughout the webinar that they were unable to address during the live broadcast. We have compiled their answers into a Q&A document – here is a preview.

Is your company still manually screening restricted party lists? What happens if you make a mistake, or if someone is added to a list after you perform the screen?  Your company can face significant fines, and even risk losing its export privileges. Incorporating automated, persistent screening into your export compliance program can help ensure your company’s compliance with U.S. export laws and trade regulations.