Know how we’ve been known to say, a time or two, that the best risk plans encompass risks across functions, based on insights from process owners across the business?
Well, Michael Volkov has a great post that expands on that message in pretty persuasive detail. As he explains, there’s no shortage of regulations for companies doing business internationally – from OFAC to FCPA to AML, there are as many acronyms as there are civil penalties for breaking the rules.
What’s this mean for business? That a single bad call – like failing to check out a vendor or shipping something to the wrong person – can violate multiple statutes. That’s scary – and expensive.
Which is where convergence becomes so important. As Michael sums up Open Air’s Howard Sklar:
“It is critical for a company to weave the most common U.S. regulations of exports and international conduct into a common compliance mosaic – focusing on the key requirements of regulations, including the FCPA, the export-control and sanctions laws and the anti-boycott laws.”
We couldn’t have said it better ourselves.
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