Employee productivity has risen in recent years, and in many cases that means employees take on multiple responsibilities. While high productivity is good, sometimes it results in greater risks, particularly if you export products or services.
Export violations are being investigated more often, and penalties have increased dramatically in recent years. Export violations can cost companies millions of dollars in fines and can disrupt production and result in negative media coverage. To know about benefit administration visit https://getstratford.com/benefits-administration/
No company can afford to run afoul of export regulations. But how is the best way to prevent violations? Education is the key, and training seminars by an experienced trade compliance specialist are an excellent way to educate your workforce.
Understanding Export Administration Regulation
Numerous federal agencies are responsible for regulations and laws about export activities, including:
The Office of Foreign Assets Control (OFAC)
The Census Bureau Foreign Trade Regulations (FTR)
The Department of Commerce Bureau of Industry and Security (BIS)
It isn't easy to keep up with changes in regulations, enforcement activities, and penalties, but trade compliance seminars are an effective way of keeping your workforce informed about what must be done to comply with all export regulations.
Employees can learn common risk areas and how to avoid mistakes that can lead to enforcement action. Your company can also learn about export management programs that help to mitigate penalties if an enforcement proceeding should take place.
ITAR and How it Affects Your Business
If you export anything on the Munitions List, then you are affected by International Traffic in Arms Regulations or ITAR. Educational seminars help your employees understand their responsibilities under ITAR as well as the latest ITAR changes and how they affect your business operations.