Top 10 Trade Compliance Management Services to Minimize Risk in Your Supply Chain

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Angie Alleva

Angie Alleva

Vice President of Trade Compliance

What is trade compliance management? 

Trade compliance management involves the process and procedures by which goods/products are either imported or exported from a country. This critical supply chain component requires vast knowledge and expertise within the realm of laws, rules, and regulations surrounding international trade as individual countries have varying compulsory requirements. With a complex and evolving landscape of international trade regulations, ensuring a fully compliant supply chain can be challenging, which can leave a company vulnerable to both financial and reputational risks. 

When considering a trade compliance program, here are 10 services that can strengthen a company’s portfolio while minimizing potential risk: 

HTN Classification:

Applies to duty rates and a review of availability for preferential agreement declarations, and validation of tariff classification currently in use for existing products including ECCN/Dual Use classification assignment 

Preferential Origin:

From free trade eligibility and qualification to a review of potential duty free and duty reduced tariffs, this offers an in-depth analysis of components within finished goods to confirm said goods meet all rule of origin criteria outlined in free trade agreements 

Regulatory Consulting:

Government compliance and security programs management (CTPAT, AEO, etc.) to ensure full compliance and benefits of available programming 

Compliance Monitoring:

The complete review of import/export declarations for accuracy, as well as audits based on risk assessment criteria such as valuation, tariff, preferential declaration, and special provisions  

Duty Drawback:

The refund of certain duties and certain fees collected upon the importation of goods/products that applied when the goods/products are exported – adding more value to a company’s bottom line 

Compliance Audits:

In addition to monitoring, audits include a full analysis of root cause issues to implement corrective actions and permanent resolutions which are maintained based on responsible party and issue identified 

Restricted Party Screening:

The process of reviewing customers and consignees to verify that a party is not on any federal restricted party list, meaning the entity has previously had export privileges revoked 

Trade Data Analysis:

 Ensures that an importer/exporter is meeting the regulatory compliance requirements but also maximizing duty minimization opportunities  

Dangerous Goods Compliance:

These products require heightened levels of expertise and product knowledge due to the sensitivity surrounding their movement and the risk involved 

Reconciliation Services:

Allows an importer to declare product value to Customs with the opportunity to adjust (within a prescribed timeline) based on actual quantity shipped at the end of a fiscal year for potential volume discounts  

With complex global economic factors at play, regulations can shift rapidly - creating a multitude of challenges for managing a compliant supply chain.  Companies need a strategy with that in mind which delivers certainty and assurance even in an ever-evolving landscape of myriad risk. 

In today’s world, non-compliance is more than a fine – it can cost you your entire supply chain.  

To discover more about BDP's trade compliance management solutions and how they can complement your compliance programs, click here. 

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