How do you ensure your company’s Compliance regarding Export Controls?
Because of COVID, we have seen significant changes in the way we live and work. Working from home has become the new normal, and we are getting closer to the “virtual world”. But how do you keep your organization in control while complying with national and international export control laws and regulations?
At Full Circle Compliance, we developed the Risk Assessment Tool© (RAT©). The RAT© is an online tool for measuring your company’s performance on Export Control. At Full Circle Compliance, we believe the RAT© will become the new trend in the assessment of export control performance inside your organization, by allowing your company to determine its export control performance at any given time.
What is it?
The RAT© helps you determine your organization’s current performance on Export Controls. This service is offered as a cost-efficient and standardized solution to your export control compliance needs.
How does it work?
Various employees from different departments will be given access to the online Risk Assessment Tool© environment. Your employees will determine the potential level of likelihood and impact for 65 risk-based export control scenarios.
“Impact” is the effect that a particular export control scenario has on an organization and the “Likelihood” is the chance that this particular scenario may occur. The Risk Assessment Tool’s outcome will be plotted in a Risk Heat Matrix, reflecting an organization’s performance on export control compliance.
The RAT© is an online tool that requires no physical contact between your organization and Full Circle Compliance. Utilizing an online tool offers your organization the opportunity to keep measuring export control performance while eliminating physical contact during COVID. Your employees have full autonomy to participate at any time of the day, and the assessment will take on average less than an hour of their time. No synchronization of agendas anymore.
What will you gain?
- Confidence in your export compliance at a low cost. Full Circle Compliance will summarize the results of the RAT© in a handy to-the-point report that focuses on the Key Risk Areas (“KRAs”) you need to improve. The KRAs are based on the likelihood of the risk and the possible adverse effects on your organization’s export control operations.
- Performing regular assessments with the RAT© will monitor the progress you are making in mitigating any export control risk areas. Monitoring your progress gives the governmental regulator and your internal management peace of mind as proof of your continuous improvement for complying with relevant export control laws and regulations.
- Export control risks are threats that can negatively affect your organization’s reputation and export business, if ignored. Many companies fail to identify their risks early on and focus solely on continuing their business. This can create vulnerabilities in an organization’s Internal Compliance Program (“ICP”), which requires much more work later to correct. In addition, identifying risks early can assist you in streamlining your business processes to make them more effective and efficient.
- Through an adequate and well-facilitated risk assessment your organization will be able to identify and analyze the export control risks it faces. Such a risk assessment identifies key export control risks, monitors their likelihood, and determines their potential impact on your organization’s international business operations. An export control risk assessment can also serve as a basis to determine how to manage export control risks, and for developing or improving an ICP. Performed during regular intervals, a risk assessment can also show the progress that you have made in mitigating the risks to which you are exposed.
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