Trade compliance has always been a dense thicket to navigate, and fines for failing to do so can up-end a business. Now, it’s more complex and fast-changing than ever. It’s time to take a step above traditional trade compliance. The good news is there’s a lot of information out there. The challenge is to know what to look for. Here are five areas to focus on.

Restricted parties. The number of entities being added to to the many international lists of restricted parties – such as the U.S. Department of Commerce’s Bureau of Industry and Security’s (BIS) list of “parties of concern” for exports from the U.S. --  is expanding daily. 

Financial transactions. The U.S. Customs and Border Patrol (CBP) and its fellow entities in other countries are rapidly ramping up scrutiny of supply chains for signs of money laundering, using advanced technology to monitor transactions at a fine-grain level. 

The goods moved - dual-use or sanctioned? Many companies are still relying on managing their export-screening process manually as a one-time task. That is not a workable strategy. 

Will the shipment go to a location in proximity of a conflict zone? It’s absolutely critical to be aware of geographical proximity when shipping or doing business with third parties. 

Are your procurement, HR and security teams also screening? The companies that have the best compliance risk management take a holistic view, including not just procurement processes and exports, but human resources and IT security. 

How e2open Can Help

e2open specializes in meticulously updating trade compliance rules, and helping customers navigate the constantly changing, complex landscape of compliance for both exports and imports. e2open’s cloud-based platform allows companies to collate and analyze information from almost any system, harmonizing data and giving a comprehensive view of operations at a level of technological sophistication that’s beyond most companies’ resources.

Please CLICK HERE to download the white paper.