Trade compliance is the bedrock of international business. It ensures businesses operate within the range of global regulations that govern the import and export of products, services and technology.
This isn’t just about following international trade laws. It’s about understanding the complex dance of financial laws that span the globe.
No matter which industry, from aerospace, IT, energy, to even finance, every business has a duty to adhere to these compliance requirements. And if you think flouting them comes without consequences, think again. The penalties for non-compliance are not just severe, they can put an end to your business for good.
Why does trade compliance matter so much?
For businesses, especially those with a global footprint, import/export compliance is the key to long-term growth and sustainability.
Businesses don’t just look to avoid fines or legal action. They seek to build a reputation for responsible trading. This way, they also ensure customer satisfaction by sidestepping shipment delays, and ultimately, saving money by steering clear of unnecessary investigations.
Enter the new era of Trade Compliance Automation, powered by Artificial Intelligence.
Gone are the days when employees manually screened transactions or monitored regulatory changes. Today, technology, especially artificial intelligence, is reshaping how businesses approach compliance.
Besso, for instance, uses advanced AI to stay updated with international trade regulations. Their system doesn’t just identify global trade regulations; it extracts vital information, feeds it into a global database, and tailors this data to cater to specific client needs.
And the beauty of it? Besso’s AI doesn’t just spit out answers; it explains its thought process, giving users a clear insight into its conclusions.
Compliance automation tools, like those offered by Besso, allow businesses to remain compliant efficiently. With manual processes out of the way, compliance teams can focus on intricate tasks, such as policy drafting.
