Financial crime screening, payments and know your customer solutionsprovider Accuity says its recently published survey of the global cargo industry reveals that firms that embrace better risk management practices are protecting their reputation and increasing competitive advantage.
The survey revealed that 80 per cent of cargo firms are concerned about protecting their brand and reputation when it comes to trade sanctions and export risk.
The poll of senior managers from security, compliance, sales and operational functions, shows the industry is increasingly aware of the risks of non-compliance and beginning to take proactive steps to address them.
When asked about the importance of effectively managing sanctions risk, 72 per cent of respondents classified it as “somewhat” or “very” important.
The most significant threats that drive this urgency include damage to brand and reputation (80 per cent), fines and potential jail time for staff (68 per cent), and loss of import, export, or forwarding licences and landing rights (62 per cent).
The survey found that 72 per cent of respondents find changing regulatory paradigms in the regions they do business challenging.
More information on Accuity’s 2019 Survey of the Global Cargo Industry can be found here.
Categories: Trade Based Financial crimes News