Recently, a considerable amount of attention has been directed towards compliance issues tied to the government’s “Buy America” solicitations. An informative piece by the Braumiller Law Group, PLLC on JD Supra brings to light the difficulties that companies are facing, and successfully identifies the importance of establishing an effective reporting structure for trade compliance.
To respond to the recurring question of where Trade Compliance should report, the Braumiller Law Group emphasizes that the answer to this predicament is highly dependent on the operational realities of the company engaging in trade. Factors such as departmental needs, the available staff, budget considerations, and other unique company limitations are crucial in determining the most effective reporting system for Trade Compliance.
The creation of an in-house trade compliance function may be an attractive proposition for many businesses, but it is not without its challenges. For companies looking to establish their in-house systems, identifying a practical and efficient reporting structure is imperative. This can be a taxing task, requiring an in-depth understanding of the unique conditions surrounding the business.
On the other hand, evaluating and improving an existing trade compliance system requires equal dedication. Existing structures need to be scrutinized for their efficiency and effectiveness, ensuring they align with the company’s realities and needs. Altering established reporting structures is often more complex, as it requires changes to be integrated smoothly within the existing structure.
In conclusion, while the government’s “Buy America” solicitations may pose challenges to businesses in terms of compliance, successfully navigating this landscape and establishing an efficient trade compliance reporting structure is both achievable and necessary. Factors such as operational realities, staff, and budget must all be considered, thereby ensuring the trade compliance systems are adaptable and relevant to the company’s unique circumstances.