Assessing and Addressing Risk in the International MarketplaceNovember 17, 2008 The Legal Intelligencer: Corporate Governance Supplement
Increased globalization and the opening of national markets to international trade – a cornerstone in today’s economic policies around the world – has greatly expanded the role of international trade in the U.S. economy in recent years. In light of this expanded role, the U.S. government has implemented various international trade regulations to synergize open trade with domestic economic objectives, national security and foreign policy.
Increasingly complex trade regulations, however, create a challenge for exporting companies as many are not sufficiently aware of the rudiments of these regulations. Companies, therefore, struggle with imposing export compliance controls sufficient to avoid potentially serious monetary and criminal non-compliance penalties.
It is essential to understand the basics of assessing a company’s risks in the export area. Proper guidance on how to implement an efficient and cost-effective risk management program can help companies avoid export sanctions while promoting business growth.
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