Global Trade and the Role of Governance, Risk Management, and Compliance Software
P.J. Jakovljevic - March 7, 2007

To conduct business globally, logically companies need to comply with local laws, satisfy trade security measures, meet documentation requirements, understand complicated tariffs, and coordinate various parties. Handling these tasks manually increases the risk of failure, which can be costly when trading across borders. In fact, according to a United Nations (UN) study, the inefficient administration of customs processes accounts for 7 percent of the cost of international trade, or more precisely—US $420 billion annually...