Today on the International Trade Resources Podcast, Kim Kirkendall is happy to be speaking with Alejandro Alcalde to discuss how to stay current on compliance changes, whether that means new regulations or modifications. In a previous episode, Alejandro shared information on USMCA compliance changes for US, Mexico, and Canada and we are happy to have him back.
To begin the podcast, Alejandro and Kim explore how to identify existing regulations. As governments and official websites transition to digital platforms, more resources become available to individuals and businesses seeking information on international trade. In addition information can be obtained through connections - with industry associations, chambers, and newsletters. This digital shift has not only streamlined access to information but has also facilitated a more comprehensive understanding of compliance in international trade.
Next we drill down into specific sources for new regulations. Alejandro highlights some government resources online platforms and mentions how they can offer summaries of future regulations. Sector-specific insights are available through other resources, including industry associations, chambers of commerce, and more. Additionally private companies, including customs brokers, freight forwarders, and law firms, contribute valuable information through articles and free webinars. They list some of these tremendous resources to help you develop a comprehensive understanding of regulations and industry developments.
What about changes? Kim and Alejandro dive into what factors drive change in regulations, including free trade agreements, tax incentives, trade agreements / sanctions /trade wars to name a few. He shares suggestions, including that you set up alerts from government websites and official sources to keep track of changes. One other good idea mentioned is to make sure and utilize paid subscriptions to compliance service companies.
Lastly, Kim and Alejandro break down the five steps to managing regulatory changes: read and analyze all regulations, interpret how regulations apply to the business, develop an action plan involving all areas of the company, calculate investments or savings related to compliance, and communicate changes to internal and external stakeholders.
Kim highlights some of the challenges for compliance professionals, including internal challenges. Lack of communication and collaboration within organizations can be a problem, and are crucial for successful compliance navigation. They talk about the importance of developing a system for compliance and other methods to mitigate risks successfully. Find all this and more in today’s information-packed episode!
Things you’ll learn:
Episode Sponsors:
Acclime China:
https://china.acclime.com/
Corporate Services and full Accounting/CPA/Tax for China.
Website: www.intltraderesources.com
Email: intltradepodcast@gmail.com
Disclaimer: The content of this podcast is for informational purposes only and does not constitute legal or commercial advice. We provide no guarantee for the accuracy of the information provided. Reproduction or transmission of this podcast is strictly prohibited.