ICP With Export Screening Software – Boon for Small Businesses

Trade or export compliance with regulations is necessary to prevent violations.

Recently, two companies were fined over $300000 and $1.7mn for violation of OFAC sanctions. This can happen to any company that flouts the trade regulations. Apart from monetary penalization, a brand suffers from a loss of reputation. As a result, it ends up dwindling its fortune and future.

Having an Internal Control Program or ICP is necessary for companies to maintain consistency with export regulations. An ICP is recognized by the US governmental agencies and strengthens a company’s position should any issue of violation develops.

When businesses utilize the export screening software along with ICP, they minimize the chances of violations of the export protocol via informed decisions. Trade compliance consultants help design an ICP that would encompass various aspects of the company. Following a review of divisions, business units, export operations, engagements with non-US entities, and more, the ICP is prepared by the trade compliance specialists.

Since watch list screening allows end-users to discover suspicious partners, exporters can prevent signing a deal that would be violating any global sanctions or lists. Despite heavy challenges, businesses can refrain from committing unnecessary follies in the future. The software enables a superior facility and customizable risk assessment of partners, customers, parties, dealers, etc.

Modern screening software is available as cloud computing solutions for small businesses, which reduces additional costs of implementation. Hence, SMBs can break the ground right from the start and deal with their daily business operations.