WHITE PAPER: Focused Assessment: TERRORISM AND YOUR BOTTOM LINE
We all know that the terrorist attacks of September 11, 2001, changed the Global
Trade Industry forever. The impact of continually evolving government regulations will be
profound. At VISCO, we see an opportunity, but not just for a more secure supply chain.
We see an opportunity for our clients to find a better way to do business.
US Customs and Border Protection is looking more closely at imported goods and the
companies and transactions behind them than ever before, and they need all the help they
can get. The good news is that there are advantages to helping. For instance, by
developing and documenting your internal processes, and ensuring your team adheres to
your plan; your company will become eligible for programs that can actually expedite
clearance of your goods and completely eliminate the chance of your company being
selected for a “Focused Assessment”.
Focused Assessment: It’s not just for the biggest importers anymore.
As importer of record, you are responsible (not your broker) for declaring the value,
classification, and rate of duty applicable to arriving goods. And you must be prepared to
produce the underlying documentation used to calculate these amounts.
Previously, only the top 1,000 companies (in goods imported yearly) were placed in
the US Customs and Border Protection focused assessment pool. Recent changes in the
way USCBP identifies companies for focused assessment may keep you awake at night.
You’re in the pool now, and if you don’t know how to swim, it’s the time to learn.
• Do you understand your record keeping responsibilities?
• Do you understand the impact of inadequate internal controls?
• Are you ready for a focused assessment that can take six months to complete?
The good news is that USCBP and VISCO want to help you avoid a focused assessment by
ensuring that your company is in full compliance. Full compliance means fully documented
internal controls, a staff that adheres to these controls, and an audit trail that allows easy
access to supporting documentation and corresponding general ledger entries when
appropriate.
How does VIS help?
The Venture Information System is a tool that allows you to store all financial and logistical
information related to your individual shipments. This information can be accessed and
distributed quickly and easily.
Our customers know that US Customs compliance is just one of many reasons to implement
the Venture Information System. Yes, VIS was built to manage documents and the
information they contain, but the ROI associated with implementation goes far beyond
avoiding fines. This may be the first instance where compliance with increasing government
regulation results in cost savings due to the use of the Venture Information System. Ask us
how.
How does USCBP help?
USCBP is charged with keeping terrorists and their weapons from entering the country. One
of the most effective ways to accomplish this is to facilitate in the creation of internal
controls at US importing companies. One of the most attractive programs is the Importer
Self Assessment program. Participation in ISA results in the company’s removal from the
focused assessment pool.