TradeLane

I have come to realize that a very, very common question in social settings is “So, what do you do for work?” I will give my general elevator speech and when I am done, often times, get a look of “Huh?”

I always walk away thinking the same thing “Pull it together, Nara, simply explain what you do.” Then I remember, there is no simple explanation. I realize, that a quick elevator speech of “We focus on import and export consulting, classification, trade preference programs, duty mitigation and supply chain security”  Well, quite honestly, it would have to be a VERY long elevator ride….

This realization circles me back to an oldie but goodie.  The simple reasoning of why yes, you do need a compliance expert. 

When was the last time you made an appointment with your doctor for a check-up? If you are anything like me, it’s been awhile. In fact, as I’ve set out to write this blog I’ve realized I haven’t had a physical in probably close to a decade. But, what really could have changed in just 10 years? Has my body changed that much?

Truth is, there is probably a lot that has changed, and with the health risks that run in my family such as heart disease, this really isn’t something I should let slip.

Compliance manuals are excellent vehicles to help importers and exporters ensure that they are doing everything they can to operate in conformity with the various laws and regulations under which they operate. The trick, however, is in deciding what actually needs to go into the manual.

A good jumping off point is to take a realistic look at the way your enterprise operates, and then ascertain what kinds of risk your various activities present to a regulator.

In most operations, the compliance department audits and approves the duty bills as part of its responsibilities. The good news is that the U.S. government will accept many forms of payment for import duty and fees:

• U.S. currency and coins
• Bank drafts
• Cashiers' checks
• Certified checks
• Personal checks drawn on a U.S. financial institution
• Domestic travelers' checks
• U.S. Governments checks endorsed by the payee to the U.S. Customs and Border Protection
• Money orders (U.S. Postal, bank, express or telegraph)

The bad news is that there’s no clear way for an international compliance group to show that these every-day compliance processes improve the bottom line. Or is there?