When you think about compliance audits, there are generally two types: (1) a third-party review; and (2) an internal assessment. Both are important tools, used in the correct way.
- The objective, on-site review by outside experts is expensive but it gives you definitive information about your compliance status.
- The internal reviews are easier and less expensive but they are subjective and potentially biased.
CTP Compliance can help your company with either variety. We provide on-site audits, as described in the Services section, with experienced auditors and a proven process. We can also provide you with a customized Internal Audit tool for use by your Export Compliance Officer (ECO) to do a snapshot review of any department or of the system overall. The tool has all the necessary questions, organized in the appropriate sections, as well as resources to both prepare your ECO for the Assessment and to help him/her understand the significance of the findings.
The CTP Internal Assessment Tool enables companies to test their compliance procedures and/or overall system between official external audits. These reviews enable the company to identify any compliance gaps that may have appeared in the system, measuring against BIS, DDTC, and OFAC requirements. Our tool addresses the full range of concerns, including Commodity Classification, Order Processing, Denied Party Screening, Deemed Export risks, Recordkeeping, and many more. Within each category, the audit tool provides questions that are pertinent for the various departments of the company.
The Internal Assessment Tool is used by the company’s chosen auditor, typically the Export Compliance Officer. The auditor will interview responsible personnel according to the tool’s role-specific and department-appropriate questions. Upon completion of the interviews, the auditor will assign percentage ratings which quantify the ECO’s level of confidence in the respective compliance areas. The audit tool automatically charts the ratings to provide a visual summary of the company’s strengths and weaknesses. This snapshot view enables company executives to recognize the greatest areas of risk.
For more information on export control compliance audits in general, download CTP’s free FAQ guide. To learn more about CTP’s comprehensive internal audit tool, contact Rick Phipps, Director of Commercial Business, at 703-683-5806 or firstname.lastname@example.org.