International trade is heavily regulated, particularly so for those involved in exporting controlled goods such as dual use items or doing business in high-risk regions such as countries subject to EU or US sanctions. Obligations on exporters and their financial institutions are complex, and violations are heavily penalized. In order to protect your company against fines and serious reputational damage, you need to first understand what your risks are before you can find solutions to address those risks. Solid Plan will guide you through the assessment process.
Elements of a risk assessment
Your company's risk profile is determined by a number individual factors and their interplay. The first step of a risk assessment of your business model is to understand to which jurisditions your company and your individual transactions are subject. EU rules will apply to all activities by EU companies, and US rules can often come into play on account of the slenderest of links to the US, such as dealing in goods containing US origin components or employing a staff with a US green cards.
But jurisdictional analysis is only the starting point to any risk assessment. A complex set of details will have to be further determined, such as the export control classification (ECCN) of your products, licensing requirements, applicability re-export restrictions, supply chain compliance and end-user due diligence. Getting it wrong will expose you company to severe penalties and reputational risks. With years of experience first in the Goverment drafting regulations and then in helping multinational companies comply with them, experts at Solid Plan can provide you the help you need in keeping you company safe.