Regulatory compliance is an ever-growing and evolving landscape that must be navigated. It’s not optional. We don’t have the choice to stay in our own space and ignore what’s going on throughout that landscape, we have to keep moving through it.
With business moving faster than ever in our digital age, disruptive companies and industries are offering consumers new and exciting options that have never been available before. At the same time, they are causing headaches for governments and regulatory bodies since legislation and regulations can’t seem to keep up with the speed of the changes. With regulations uncertain, compliance becomes a nebulous situation.
Your supply chain is essentially a set of successive contractual arrangements designed to provide you with goods and services that you either use internally or pass on to your customers. This is typically a controlled process, best described as a network with contract conditions and oversight so that your organisation can retain control over the quality of the product you are sourcing.
If you’re an exporter, last week’s shock result in the UK’s ‘Brexit’ referendum has thrown the importance of supply chain management into the spotlight. Britain’s decision to leave the European Union has rocked markets worldwide, and The Australian reports that some executives and advisers are cooling off on corporate deal-making as boards wait to see how currencies settle and reassess the risk of doing business in Britain.
In order for any organisation to meet its goals, it has to seriously concentrate on three things: Governance, Risk Management, and Compliance, known collectively as GRC. These three areas have quite a bit of overlap, which is why they are often treated as three parts of a single area.
As exporting begins to ramp up like never before in the wake of ChAFTA, the roles of transportation, freight, and logistics are updating their policies and implementing new procedures as matter of necessity. Incorporating and complying with all of the new sets of regulations involved with such a large opportunity will be challenging, meaning that risk management efforts in these areas need to be elevated as well.
Your brand is your reputation, and your reputation determines your success. This is even more important when considering exporting to foreign nations, as the risks to brands being tarnished are harder to mitigate, and can ultimately be more harmful. A global reputation for poor products is obviously more difficult to repair than a national reputation. In this article, we look at ways SMEs can protect their brand and reputation when exporting, with attention on exporting to China.
The historic ChAFTA free trade agreement will positively affect many industries in Australia, and the dairy industry may be among the top beneficiaries of the deal. Financial analysts are claiming that the Australian dairy industry is entering a new, and the “mining boom” of recent years is expected to be rivaled by the coming “dining boom” as China’s demand for dairy products continues to grow rapidly.
Today we look at the possibilities for dairy under ChAFTA and the necessity of auditing for success.
Australia is one of modern China’s oldest trading partners, having jumped into the opportunity when China opened its first “special economic zone” in 1979. Since then, the trade ties between the two countries have only grown stronger, and Australia is recognised by local consumers as having a “clean and green” food environment with high quality products and brands.
Market feedback in China has shown that consumers are interested in many different products from Australian suppliers, including wheat and barley. However, market access for Australian agribusiness products to the mainland Chinese market remains a significant issue, as it’s generally easier for processed foods and wine to access the market, even under ChAFTA.
In this article, we look at the necessity of auditing for grain exporters, in light of ChAFTA and its opportunities.
Businesses in Europe and the US are poised to leave us behind. That may seem a bit blunt and perhaps is a slight overstatement, but the essence of the statement is true, according to new global data released by multinational professional services firm Ernst and Young.
The survey in question looked at businesses around the world and how they are managing their risk. While Australia has historically “been at the forefront of risk management”, we are now merely “on par” with our industrial global counterparts, and that is a concerning trend.
Today we consider how real-time risk management is necessary, in order to compete in global business.