Let’s face it, over the years, a quick credit check or references was all we needed and that was apparently adequate, or at least we got away with it. Not now, as the world becomes ever smaller and social media ever bigger, the threat to our reputation is increasing. Not knowing who you are trading with is no longer acceptable. Regulations around the world are changing rapidly. This means you not only need to safeguard yourself against the actions of the company at the face of your transaction but also be aware of any unethical or nefarious links that are likely to emerge further down or higher up the supply chain.
The checks you need to undertake are also now much more than simply understanding financial risk. Although key it is not sufficient and although proportionality is important sanctions, watchlists, adverse media, antibribery, criminality, environmental and ethics are all risk areas that need to be considered on a company and individual level.
Businesses should naturally be wary when considering trade with new partners and be conscious about who they enter into commercial agreements with – especially when trading into markets for the first time.
All of this may appear somewhat daunting but GWCI having worked with numerous companies in over 140 countries around the world are now working with Coventry and Warwick Chamber to help Global Members successfully overcome these challenges and encourage overseas trade.
One thing is certain, with unethical practices rising at an alarming rate organisations need to be proactive and ensure they take an objective look at their approach to compliance in order to highlight where the current and any potential future risks may occur. Don’t wait for issues to arise.
You can contact us through the chamber or directly to set up a free 30 minute consultation to discuss your compliance questions.
GWCI Mansley Business Centre, Stratford Enterprise Park, Timothy’s Bridge Rd, Stratford upon Avon, Warwickshire CV37 9NQ. Tel +44(0)7597 366204 or email [email protected] or via our website www.gwci.uk
