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Regulatory and compliance checklist how do your internal policies fare

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Typically, any robust regulatory and compliance policy shouldgtnbspnbspStart with an assessment of the risks specific to your businessgtnbspnbspBe designed to address those specific risksgtnbspnbspBe embedded in the culture of the company from the board room downgtnbspnbspBe employed in relation to third party suppliers andgtnbspnbspBe reviewed periodically and amended to take into account new business risks, developments and any gaps found in the operation of the policy Some key areasBelow we outline some of the key current regulatory and compliance risks that your internal policies should be addressing1nbspnbspBribery, corruption and anti-money launderingRequests for facilitation payments from customs officials are nothing new, but the international prohibition of such payments is growing, with substantial fines imposed on companies in breach Key questions-nbspHow does your anti-bribery and corruption policy deal with facilitation payments-nbspWhat advice does it provide as to how a request for payment should be dealt with-nbspHave you checked the anti-bribery policy of your agents 2nbspnbspCyber-security, digitalisation and data protectionInternational freight transport is becoming ever more digitalised Whilst this can provide significant benefits and cost-savings, it also opens up a whole new front of risks In June 2017, AP-Moller Maersk became the latest high profile victim of a ransomware attack Since then, the transportation industry has received further guidance from organisations such as the IMO and, most recently, the UK Department of Transport, on implementing a cyber-security system and protocolsKey questions-nbspnbspWhat, if any, cyber-security and data protection policy and protocols do you have in place-nbspnbspWhen were these last reviewed-nbspnbspHave you tested your systems for vulnerabilities-nbspnbspHave you confirmed that your insurance policies cover data loss or breach3nbspnbspAnti-trustThe majority of developed countries have implemented stringent laws regulating and sanctioning behaviour that is deemed anti-competitivenbsp Authorities have shown a low tolerance approach to breaches as has been demonstrated in the multiple investigations relating to cartels in the freight and logistics markets Key questions-nbspIs your company a member of a trade association -nbspAt trade association meetings, are topics such as pricing, timing of changes to pricing policies or costs and profits discussed -nbspDo you have any formal or informal agreements in place with your competitors 4nbspnbspSanctions and other importexport controlsIn the current political landscape of nationalist policies, logistics companies need to be prepared for and alert to sudden changes in the trade regulation environment These include sanctions against specific goods, countries, entities and individuals trade defence measures such as import bans or quotas and restrictions on points of entryKey questions-nbspWhat procedures are in place for performing due diligence on new customers transactionscountries of import and export-nbspDo your standard terms and conditions include a sanctions clauseSummaryRegulatory oversight is increasing and here to stay Implementing appropriate compliance procedures and protocols to address just the four areas listed above is a significant undertaking for any business This is so even before consideration of the extent to which other regulatory legislation' may impact upon your business and impose additional obligations We have in mind the European Union's General Data Protection Regulation and Network and Information Security Directive, the UK's Criminal Finances Act, international Ballast Water Management obligations and the new cyber-security and data protection laws in China, to name but a fewConducting a regulatory and compliance health-check to identify what, if any, gaps there may be in your company's compliance framework and how they might be addressed ought to be a topic discussed in all corporate boardrooms in the coming monthsIf you have any questions relating to the above or need help in assessing the robustness of your current policies, please contact Ince Co's dedicated Regulatory and Compliance team Rory Macfarlane or your usual Ince Co contact
Rory Macfarlane

Rory Macfarlane Partner

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