Today's ever-expanding supply chain offers businesses greater opportunities for efficiency and success in the growing global business environment. The instantaneous and constant flow of data, products and services around the world, however, brings with it a greater risk of violating the numerous and often complex U.S. trade compliance laws and regulations. Businesses that fail to set up policies and procedures to ensure compliance face risks ranging from shipment delays to hefty fines and penalties.
Bribery scandals have dominated headlines in several countries in recent months, among them India and Nigeria. International enforcement of anti-bribery laws has been increasing in the United States and major European countries.
Employees at the Chinese factories of Apple supplier Foxconn continue to work beyond the country's legal limit of 49 hours a week, according to a report from the Fair Labor Association (FLA). But the Taiwanese manufacturer is making overall steady progress in improving the working conditions at a select group of factories in China, it said.
Today's supply chain is reliant on a complex network involving the movement of goods, services, funds and information across a range of parties worldwide. This makes the supply chain vulnerable to not only cyber-attacks and disruptions, but also cyber espionage.
The latest spate of auto recalls came last month when auto giants Honda, Nissan, Toyota and Mazda were focused to recall more than 3.4 million vehicles as a result of faulty air bags originating from Takata Corp in Japan. Since the initial announcement, BMW has come forward with a related recall action of more than 200,000 of their cars.