The U.S. Customs and Border Protection (CBP) use these two words to identify imports representing the greatest risk of noncompliance so that manufacturers can focus resources in those areas.
To those in global trade, risk management can be two words that spell trouble—or opportunity.
If left unchecked, risk can become pervasive when data is not retained, analyzed or tracked correctly. Failure to retain documents, using the incorrect Country of Origin or HS Classification can be a red flag to U.S. CBP that could lead to a Focused Assessment.
Having a complete picture when planning and implementing new import and export strategies are the keys to cost-savings across the global trade industry. When analyzing a global supply chain, are you factoring in the impact trade compliance, such as duties, risk factors, preferential rates, antidumping duty information, sanctions, country threat scores, and volumes, have on the overall cost of the supply chain?
The ability to perform “what if” scenarios for multiple trade lanes helps to identify parameters including lowest duty and potential risk. Integration Point Trade Lane Analyzer gives importers and exporters visibility into the compliance information they need to assist in the planning of new import and export strategies.