Working on behalf of the supply chain solutions firm, SWG, Actualis has managed the Incoterms Compliance and Supply Chain Risk initiative, drawing together the industry’s leading legal, risk, professional and trade bodies to share knowledge and ensure that compliance issues are understood and owned by the C-Suite.
REMOVING THE RISK FROM YOUR SUPPLY CHAIN
A new, cross-industry web resource and infographic has been designed by Actualis to help shippers meet their legal obligations and protect against risk, along their entire supply chain.
British International Freight Association (BIFA)
The Chartered Institute of Logistics & Transport (CILT)
The Chartered Institute of Procurement & Supply (CIPS)
Short for “international commercial terms” incoterms are the standard contract term used in international sales contracts to define the supply chain responsibility and liability of the buyer and seller.
Because they are legal terms, written from a legal perspective, Incoterms can be confusing or easily misunderstood, but making the wrong choice might turn your shipment into an expensive nightmare, particularly if compliance issues are involved.
Directors need to take the lead, as the board have ultimate responsibility for CSR, legal and statutory compliance. Avoiding commercial risk is intrinsically linked to appropriate Incoterm selection, which should not be left entirely with junior management.
The supply chain solution provider, SWG, has partnered with industry associations, legal experts and risk managers to develop this unique addition to the internationally adopted Incoterms.
The innovative web resource shows shippers many of the risk and compliance issues associated with different stages in the supply chain.
International supply chains and their multi-modal transport networks are the backbone of global trade, fueling economic growth and prosperity.
Global supply chain interconnectedness is essential for frictionless fulfilment, but means that the negative effects of localized compliance and risk can impact the entire network with potentially devastating consequences.
SWG founder, Steve Walker. “With the support of our expert partners we have developed this unique resource to help shippers identify and prepare for the compliance and risk issues that may impact their supply chain.”
By being better informed – and with the right systems in place – shippers can ensure that potential compliance and risk issues are highlighted in their management systems, with contingency actions ready to mitigate any negative impacts.