Welcome!

News Feed Item

Executive Perspectives: Minimizing Import and Export Compliance Risks



Adrienne Braumiller of Braumiller Law Group, PLLC, a law firm attending the marcus evans Chief Litigation Officer Summit Fall 2014, will speak on the topic of import and export compliance risks that companies may be exposed to.

NEW YORK, NY, Aug 27, 2014 - (ACN Newswire) - "Frequently companies do not have the necessary import and export compliance procedures in place, including some well-known publicly traded companies. In many cases, even if they have internal controls, they are often outdated or not being followed," according to Adrienne Braumiller, Founder, Braumiller Law Group, PLLC.

As a law firm participating in the marcus evans Chief Litigation Officer Summit Fall 2014, taking place in Palm Beach, Florida, September 14-16, Braumiller gives Chief Litigation Officers advice on minimizing compliance risks that may remain undetected for years.

- Do companies recognize the risks associated with lack of import and export compliance measures?

Many companies do recognize the risks, but do not effectively try to minimize them. Often we find that they may have completed an internal review where several weaknesses and concerns were identified, but they did nothing with the results. Sometimes this complacency is due to some other pressing matter taking priority, and other times it is due to a lack of understanding or resources needed to make process improvements. One powerful tool to help mitigate and clean up past violations is through a voluntary disclosure. The government highly encourages voluntary disclosures, providing a waiver of penalties on the import side and at least a 50 percent reduction on the export side.

- Why are some companies unaware of their import and export activities?

One of our clients, a large multinational company, told us: "We do not import". We checked their tax ID history and it turned out they had many imports that no one was aware of. There was no visibility and no control over those activities. It was just different people within different business units importing via one of the express couriers. No one thought that these types of shipments were even considered an import.

Another client was unaware that its company routinely took advantage of the North American Free Trade Agreement (NAFTA). To avoid additional risk and scrutiny involved with bringing in goods duty free pursuant to this free trade agreement, its policy was to avoid claiming NAFTA. In fact, a review of the import history showed the company was claiming NAFTA for 90 percent of their shipments. How could this happen? The agent clearing shipments on the company's behalf (known as a Customs broker) made the assumption that the company wanted to claim NAFTA simply because the goods were being imported from Mexico. Customs considers it fraud for an importer to make a claim without a NAFTA certificate of origin from the supplier, but if there is no communication with the broker, it can happen very easily.

Penalties are based on culpability and can be up to the domestic (wholesale) value of the product, not what was paid for it. If the person receiving the entry documents is just filing them away without a post-entry review, violations can go undetected for many years.

The same is true on the export side, although the penalties there can reach millions of dollars very quickly, and even worse, the exporter can lose its privilege to export (as there is no "right" to export).

- What internal controls could minimize this risk?

What is causing this challenge is a lack of effective internal controls, sufficient resources, compliance experts, good record-keeping, and adequate communication between the various departments involved in the import and export processes. The company must create and embed C.O.S.O.-based (Committee of Sponsoring Organizations) controls that improve operational performance and governance, while deterring fraud.

To get the house in order, we recommend obtaining the last five years of import history from Customs and the export history from the U.S. Census Bureau. A lot of that information is in databases that are not overly user-friendly, but we have developed a tool to slice and dice the data to identify where the risks lie. There can also be a complete gap in the company's processes for obtaining records, another high-risk area subject to stiff fines. Once a company has the necessary visibility into import/export activities, it can identify the processes needed to help ensure compliance requirements are met. Starting with a robust compliance program focused on U.S. requirements is usually the best approach, followed by the addition of other regions and countries based on level of activity or risk. If the company is in acquisition mode, it is critical to include import and export due diligence prior to the purchase. Most acquiring companies forget to do this until it is too late and then end up "buying" these liabilities.

About the Chief Litigation Officer Summit Fall 2014

The 14th Chief Litigation Officer Summit is the premium forum for bringing leading in-house litigation counsel across the nation together with service providers. Taking place at the Eau Palm Beach Resort & Spa, Palm Beach, Florida, September 14-16, 2014, the Summit includes presentations on privacy and social media, alternative approaches in litigation, outside counsel management, and making the law department into a profit center.

For more information please send an email to [email protected] or visit the event website at www.chieflitigationofficersummit.com/AdrienneBraumillerInterview

marcus evans group - legal sector portal -
www.marcusevans.com/reviews/legal

The Legal Network - Marcus Evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.

- LinkedIn: www.linkedin.com/groups?gid=3676301&trk=hb_side_g
- YouTube: www.youtube.com/MarcusEvansLegal
- Twitter: www.twitter.com/meSummitsLegal
- SlideShare: www.slideshare.net/MarcusEvansLegal

Please note that the Summit is a closed business event and the number of participants strictly limited.

About Braumiller Law Group, PLLC

With offices in the U.S. and Mexico, Braumiller Law Group, PLLC, is a highly respected law firm focused on international trade compliance and proven strategies to optimize global trade business practices. The attorneys and trade advisors of Braumiller Law Group know exactly how to navigate the intricate maze of global trade regulations, and they have a successful track record for helping clients save millions of dollars in compliance penalties. These clients also leverage the expertise and experience of the Braumiller Law Group team to ensure that their global trade operations are legally structured to maximize efficiency and profitability. Please visit: www.braumillerlaw.com.

About marcus evans Summits

marcus evans Summits are high level business forums for the world's leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com.

- Twitter: www.twitter.com/meSummitsGlobal
- YouTube: www.youtube.com/user/MarcusEvansGroup
- SlideShare: www.slideshare.net/MarcusEvansSummits

Source: marcus evans Summits

Contact:
Sarin Kouyoumdjian-Gurunlian, 
Press Manager, marcus evans, Summits Division
Tel: +357 22 849 313
Email: [email protected]




Copyright 2014 ACN Newswire. All rights reserved.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
In the fast-paced advances and popularity in cloud technology, one of the most critical factors revolves around concerns for security of your critical data. How to assure both your company and your customers they can confidently trust and utilize your cloud environment is most often top on the list. There is a method to evaluating and providing security that exceeds conventional modes of protecting data both within the cloud as well externally on mobile and other devices. With the public failure...
Transforming cloud-based data into a reportable format can be a very expensive, time-intensive and complex operation. As a SaaS platform with more than 30 million global users, Cornerstone OnDemand’s challenge was to create a scalable solution that would improve the time it took customers to access their user data. Our Real-Time Data Warehouse (RTDW) process vastly reduced data time-to-availability from 24 hours to just 10 minutes. In his session at 21st Cloud Expo, Mark Goldin, Chief Technolo...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
Though cloud is the future of enterprise computing, a smooth transition of legacy applications and systems is critical for seamless business operations. IT professionals are eager to start leveraging the cost, scale and other benefits of cloud, but with massive investments already in place in existing infrastructure and a number of compliance and resource hurdles, it can be challenging to move to a cloud-based infrastructure.