Compliance with changing U.S. tariff policies requires a robust response plan, says Matthew Bonavita, director of internal audit at New Balance.
How can a global company determine how to comply with volatile trade regulation shifts?
In a changing global landscape, organizations need to be aligned, agile, and prepared. Specific to tariffs, the compliance office, supply chain, and public affairs/regulatory teams need to work together to develop a comprehensive response plan. In an escalating trade war, all functions need to understand their roles within the plan and be agile enough to ensure timely implementation. Items to prioritize are reviewing third-party contracts, updating costing models, investigating alternative supply options and coordinating with logistics, and ensuring controlled processes are in place to comply with changing duty rates and classifications.
