Restricted Party Screening – What Hasn’t Succeeded Yet?

Miffed with the offerings in advice, tips, and suggestions, some of the companies or organizations manage to mock at the U. S. Trade compliance regulations. Irrespective of what they think or believe, a disaster just waits to happen in the future.

We don’t want you to commit any mistake, even if it’s an honest one. The concept of Restricted Party Screening is no more a keyword these days. It has grown to the extent of preventing an extraordinary damage to a company.

The voluntary participation of exporters for trade compliance measures has definitely helped in checking defense-related deals, but something still lacks in the scenario. In fact, checking if it itself is a trade compliant company or not has never been felt as a necessity in these companies. They continue to trade with whatever parties in whichever country, without an iota of concern.

However, there are certain issues that also need some attention from the senior management of the companies. Even with the corporate commitment and understanding of compliance measures, the senior-level workforce ignores various important activities. Although watch list screening of trade partners, carriers, and countries takes place in a designated routine procedure, the classification methods, tracking, and related stuff remain a daunting thing to handle.

The company’s senior-level management, stakeholders, etc. need to take firm steps in the path to explain the process and compliance measures to the employees. This requires comprehensive education, training, and guidance from professionals. Given the lack of training at companies, the total trade compliance scenario is an utter failure.