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For more than three decades, ARC has been recognized globally for our detailed market analysis and unrivaled accuracy. ARC analysts monitor the key technologies, vertical industries, and regional trends impacting the global business environment on an ongoing basis. A case in point is the market for Global Trade Compliance Systems.
Global Trade Compliance
Global trade compliance (GTC) is an aspect of corporate compliance which ensures that all import and export transactions are in conformance with the laws and regulations of the countries involved. Adherence to trade compliance best practices is also important for in-country transfers of goods manufactured aboard. For companies with any complexity or scale surrounding imports and exports, the safest choice is often an internal trade compliance program that leverages GTC technology. Some solutions continually update the trade classification content. GTC software, in turn, enforces processes that help companies reliably comply with trade laws. Better compliance will result if oversight of the compliance function is centralized, even if some trade compliance officers continue to work in different regions of the world.
For each of the risk/benefit areas – improved compliance, protecting the brand, logistics efficiency, improved sourcing, and freeing up cash flow – there is specific functionality in the GTC solution. Companies need both trade content and an application that enforces the compliance process. Companies should ask themselves if they prefer to get the trade content from the same company that provides the GTC application. Or is it all right if the GTC solution provider has an alliance to get that data from a content vendor?
Compliance functionality should be based upon the ability of a system to provide an audit trail that shows how goods were classified with a logic tree that explains why the goods were classified that way. In many jurisdictions, this audit trail demonstrates “good faith” and means even if a declared good was misclassified, the company would be given credit for exercising diligence and would likely avoid the most severe penalties (if they received any at all). Many shippers, if audited, have no ability to explain why they classified goods as they did.
Robust trade compliance controls are especially important for mitigating risk from today’s regulatory pressures, and this includes:
Protecting corporate reputations and employees by facilitating legal and responsible trading
Minimizing exposure to fines and penalties
Promoting customer satisfaction by avoiding shipment delays
Saving money by avoiding delays, investigations, and penalties
In this video, ARC’s Business Development Manager, Lucas Martin, interviews Steve Banker, ARC Vice President, Supply Chain Management and Author responsible for the for the Global Trade Compliance Systems Market Update.
Watch this video and learn more about the Global Trade Compliance Systems Market.
During the interview, you will hear more about:
Scope of this market analysis
Key Growth or Success Factors
Growth Inhibiting Factors
Strategies recommended to a buyer of this system
Other key trends
Benefit of buying this study report
You can obtain more information on other ARC In-depth Research at Market Analysis