Managing risks


One of the most underestimated yet potentially costliest aspects of customs and trade management is the risk resulting from non-compliance. Typically, the combined likelihood and impact of non-compliance risks are most severe not just in terms of back-duties or even penalties, but through supply chain disruption and reputational damage. Import or export license revocation may lead to the inability to serve customers and threaten the sustainability of distribution and manufacturing facilities. Breach of trade embargoes may lead to loss of customers and increased scrutiny by authorities around the world, regardless of where the breach took place. Particularly in Asia, precedents and rulings are few and far between and the handling of non-compliance by the authorities is often non-transparent, inconsistent and unpredictable.

WMS specialists can help assess the likelihood and impact of related supply chain risks, working together with our colleagues that have established procedures for assessing other types of risk. We can also help in developing robust documentary support and defence procedures to mitigate such risks.
 

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Frank Debets
Managing Partner
Tel: +65 6236 7302
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