Senior managers focus on increasing productivity, reducing costs, developing products, and winning customers. Export control compliance is often considered a burden. Why is it important? Who’s responsible? What are the consequences of non-compliance? AEB has developed an online guide to help executives understand the relevance of export controls for their business. Titled “US export controls: Make the right decisions – A practical guide for executives”, the guide can now be downloaded free of charge here.
Compliance with frequently changing EU and US export control regulations can be extremely challenging. It’s often considered an administrative burden, as it doesn’t seem to add any value to services or products. But non-compliance is not an option: criminal fines, administrative penalties, and costs associated with defending against enforcement actions can place a massive burden on a company’s finances. Damage to the brand image and large financial penalties can have a very direct impact on the shareholder value of the company.
That’s why AEB has teamed up with leading export control consultant David Hayes, Director of David Hayes-Export Controls, to develop a practical guide designed to support senior managers in understanding their legal responsibilities and which measures they need to implement to ensure compliance. The guide covers the following topics:
· Importance of export controls
· Purpose of export controls
· Relevance of US export controls
· Responsibilities and obligations
· Consequences of non-compliance
· Effective compliance programmes
· Compliance of the future
· ROI of compliance programmes
Claire Umney, General Manager at AEB (International) Ltd, said: “Consequences of non-compliance cannot only be viewed through the lens of government fines. Financial impacts involve much more than penalties and it is extremely important to prioritise compliance programmes at board level. Implementing sound programmes will protect businesses from the potential financial and reputational impacts of non-compliance. With our new guide, we want to help executives understand why export controls start at the top of a business, and what the opportunities are for increasing efficiency, mitigating risks, and optimising security throughout – and beyond – an organisation. As one of the co-authors, I am very proud of our new guide and the value it offers to senior managers.”