Click here to close now.




















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 In many cases, even if they have internal controls, they are often outdated or not being followed," according to Adrienne Braumiller, Founder, Braumiller Law Group, PLLC.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
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 17th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Com...
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...