Compliance With Export Controls Start at the Top
Senior managers focus on increasing productivity, reducing costs, developing products, and winning customers. Export control compliance is often considered a burden.
Why is it important? Who’s responsible? What are the consequences of non-compliance?
AEB, a provider of global trade and supply chain management software, has developed an online guide to help executives understand the relevance of export controls for their business. Titled “US export controls: Make the right decisions – A practical guide for executives”, the guide can now be downloaded free of charge here.
Compliance with frequently changing EU and US export control regulations can be extremely challenging. It’s often considered an administrative burden, as it doesn’t seem to add any value to services or products. But non-compliance is not an option: criminal fines, administrative penalties, and costs associated with defending against enforcement actions can place a massive burden on a company’s finances. Damage to the brand image and large financial penalties can have a very direct impact on the shareholder value of the company.
That’s why AEB has teamed up with leading export control consultant David Hayes, Director of David Hayes-Export Controls, to develop a practical guide designed to support senior managers in understanding their legal responsibilities and which measures they need to implement to ensure compliance. The guide covers the importance of export controls and their purpose, responsibilities and obligations, consequences of non-compliance, and effective compliance programs.
“Financial impacts [of non-compliance] involve much more than penalties and it is extremely important to prioritize compliance programs at the board level,” said Claire Umney, general manager at AEB (International) Ltd. “Consequences of non-compliance cannot only be viewed through the lens of government fines. Implementing sound programs will protect businesses from the potential financial and reputational impacts of non-compliance.”
AEB’s online guide “US export controls: Make the right decisions – A practical guide for executives” is tailored to executives in the senior management of companies that manufacture, trade, or distribute controlled materials. It is available free of charge here.
Timely Tax Software Solutions to Accompany us in April