Oracle Open World addresses global trade risk

In the last ten years alone, the world has become an increasingly difficult place to conduct global business, noted export compliance expert, Beth Peterson. Speaking at Oracle’s Open World in San Francisco yesterday, she urged shippers to tap into existing supply chain solutions before “going global.”

“Exporters around the world face continuous changes and increasing regulations which are focused on protecting national security and the safety of citizens,” said Peterson.

But she said they often also have the effect of increasing the costs and challenges associated with importing and exporting globally.

Although these government regulations are designed to prevent sensitive goods, and other potential “dual use” or military items from falling into the hands of terrorists, and to protect a government’s foreign policy interests, the impact in the business world can be felt in all areas of a company. From sales and procurement to HR and customer service, corporate functions beyond the traditional areas of legal and logistics are impacted by export compliance.

“The burden associated with meeting these government regulations is widespread and can include responsibilities such as reviewing and searching through dozens of lists with tens of thousands of denied and/or restricted parties — manual screening of these lists is simply not scalable,” said Peterson.

So what solutions are best to pursue? The exhibit hall at this trade show is a good place to start.

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