Customs Valuations and Transfer Pricing in Australia
Added on 2019-10-31
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Running head: CUSTOMS - REGULATORY COMPLIANCE MANAGEMENTCustoms - Regulatory Compliance ManagementName of the StudentName of the UniversityAuthor’s note
1CUSTOMS - REGULATORY COMPLIANCE MANAGEMENTOn the behalf of the government of the specific nation state the roleof custom is to execute a plethora of management policies that deals withthe business that takes place on the border. The functionality andaccountability of customs administration differ from one nation state toanother. Role of the customers executive ranges from collection from theproceeds, trade compliance and facilitation, prohibition of substanceswhich are deemed to be illegal in the country, protection of culturalheritage and enforcement of intellectual property law. Globalization hasdirected companies from all over the world to set up places of operationslike factories and offices around the world. As the economy of severalcountries opened up to the regulations and restrictions of internationaltrade, customs administration garners more and more importance. Withthe increase in international trade in the recent years the environment ofexchange has also changed exponentially in terms of pace, difficulty, sizeand level of trade, extensive technological advancement and revolution inglobal trading practices. Therefore, the changes have tremendouslyaffected the role and accountability of the customs authorities around theworld. The idea of the customs is not to restrict but to filter, the policiesand items that are against the rules of the country. Indulgence ininternational trade ensure a boost to the economy and allows theeconomy to grow and to gather more and more investors. The role of a
2CUSTOMS - REGULATORY COMPLIANCE MANAGEMENTgatekeeper is to restrict without understanding the inside matter withcareful observation. The gatekeeper is doses not understand the nuancesof policies and the items that are in the exchange rather they set astandard for allowing certain things and disallowing certain things. On theother hand, compliance management has an aspect of analyzing,speculating and reviewing an idea before discouraging or accepting it.Risk-management Risk management of a company is based on identifying a risk, analyzing the outcome andthe impact this risk would have on the future and also the current operation of the business, thenis the part where the management of the organization plans a strategic idea to reduce the impactof the investable or deflect the risk which is possible. This may include several market researchand policies and decision making. After the plan has been implemented by the management it isalso the duty to look after and monitor the after effects so as to be careful that the decisions areworking on a positive note for the company[ CITATION Cha15 \l 1033 ]. A response shouldalso be gathered from the customers and the internal members of the company to record theviews for future recognition and identification of such risks and problems. Non-compliance is arisk that is faced by the company sometimes knowingly and sometimes unknowingly, to keep upwith the ever changing international trade policies and decisions in the border force and customs,companies have to be very careful. The customs and the Australian government have come upwith several ideas and reforms that behave like a risk based compliance management for thebetterment and facility of the traders who operate within the borders of Australia[ CITATIONMcN15 \l 1033 ].
3CUSTOMS - REGULATORY COMPLIANCE MANAGEMENTCompliance riskIn the corporate governance set up the compliancemanagementplays a very critical role. Compliance means to conform and to complywith rules, regulations, guidelines, standards and laws of the relevantbody of governance. In an organization the compliance managers dealwith the regulatory, financial and reputational risks that the companymay face while performing the daily operations of the business. In manycases, ensuring compliance to rules and guidelines necessitateorganizational changes as well pertaining to technological installations,oversight and audits of the books and records of the company. As such,compliance can be a major cost and organizational challenge in heavilyregulated industries such as banking[ CITATION Coh15 \l 1033 ]. Compliance risk can be defined as the probable for losses andjurisdictional penalties due to the failure to comply with the rules andregulations of an organization or government bodies. Sometimes thebusiness organizations that run fully based in the legal jurisdictions canalso face compliance risk and this is where the importance of compliancemanagement and efficiency becomes significant to the daily operations ofthe business. There are times that an organization faces a failure incompliance due to the possibility of management failures. Sustainabilityrisk, heath of the workforce, quality of the new or diversified item, corruptpractices among the employees and also failure of taking up social
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