Changes in trade regulations, sanctions and restricted parties along with the growing complexity of trade laws and regulations make global trade compliance increasingly challenging. Supply chains have become global, and an increasing number of companies are engaged in cross-border shipping.

Trade compliance departments are equally challenged with both the growing complexity of trade laws and regulations, as well as effectively managing the sheer increase in shipment volumes. As a result, more and more companies are turning to automated international trade compliance software.

Ensuring each and every cross-border shipment is compliant is a labor-intensive process, and mistakes are costly. Authorities can and do impose heavy fines for compliance missteps, and companies suffer reputational damage as well as financial penalties. Trade compliance software gives companies greater control.

The QAD Precision Global Trade Compliance solution starts at the very beginning of the export sales process. With QAD Precision automated Global Trade Compliance software you can perform due diligence, streamline compliance and mitigate the risks associated with dynamic trading environments as well as control costs and create audit-ready electronic reports.

Leverage QAD Precision automated Global Trade Compliance software to verify that your trading partner has passed DPL screening, determine the End Use of the item, validate that the country of destination has been approved and ensure that any special documentation — including import and export licenses and permits — or actions are included to support your reporting to authorities.

It is crucial that global shippers have the correct import licenses and export permits for all shipments. For the import and export of goods or intellectual property, QAD Precision Trade Compliance identifies line item license requirements, any available exceptions for licenses and has the ability stop a shipment of a controlled product. If an export license or import permit is required and available, the system manages the license by date, quantity and/or value and decrement against them accordingly. The system supports dual use licenses (based on ECCN determination) and permits guarantees based on where the goods are being shipped to and from.

An inherent necessity of your export trade compliance program is the ability to mitigate the risks associated with regulatory compliance. From the start of the sales export process QAD Precision trade compliance software vets key elements of the transaction to ensure that the sale can proceed and creates an electronic audit trail and audit-ready records to support your reporting to authorities.

QAD Precision automated Global Trade Compliance software is used by high volume, high value and time-sensitive global shippers. QAD Precision’s customers span multiple industries including banking and finance, life sciences, high technology, retail, industrial, automotive, higher education and public sector as well as logistics providers. To find out how QAD Precision can streamline trade compliance across your organization, schedule a consultation today.