Munich, Germany - September 5-6, 2024 - SEIA GmbH hosted a client-led workshop, for two days of deep-dive discussions and strategic insights sharing to drive best practices in trade compliance Risk Management.
To make a great product and ensure we deliver the right solutions for modern trade compliance challenges it’s important not just to have many customers, but excellent users that provide valuable feedback and drive further innovation. Together with Mathias Krug of Sartorius and Peter Henschel of Oerlikon, we dug deep into the core challenges facing trade compliance officers today and how we can extend the support from SEIA PERCEIVE to make compliance simpler, more intuitive, and less overwhelming.
Workshop Summary
Throughout our workshop we focused on regulatory updates and new requirements that are changing the needs of trade compliance officers, both in terms of program operations but also what kinds opf metrics and insights are necessary going forward. One example, was the EU requirement for companies that ship certain critical items to have completed a Russia Risk Assessment by December 2024. Some of the other core challenges raised were the expanding requirements from the authorities that require huge time burdens from the companies, such as restricted address listings, or liability to proactively identify red flags.
We explored other resources from the trade compliance community, like Wirescreen's China Due Diligence resources to see how these insights can support the operational risk understanding we deliver at SEIA. Our clients were able to research some of their top priority companies together with the Wirescreen team and cross-reference that insight with SEIA.
In addition to reviewing how we can best support our client's regulatory needs, we also dug deep into the core functionalities of the product and the demands for more control over the overall trade compliance risk management workflow, not just the identification of risk exposure. When the world feels overwhelming, compliance solutions need to be simple, so with SEIA we aim to bring a sense of oversight and control to your compliance processes and give you a clear framework in which to proactively manage those risks.
Finally, we looked to the future and how we can also drive engagement with trade compliance topics and train strategic thinking for risk understanding through new gamification features. While we at SEIA already think Trade Compliance is great, it never hurts to make something even more fun while also increasing the impact our customers can have on their company risk exposure.
Workshop Results
As a result of this workshop, recent discussions with regulators, and deep-dive exerceises into using our own solutions, we are please to announce the launch of new features and products:
SEIA PERCEIVE: Our one-time and live solutions will provide a comprehensive risk management platform that does not just identify areas of risk exposure but gives a clear and actionable framework to help you manage and track issues, as well as deliver clear management reporting insights. PERCEIVE shifts the focus from worrying about compliance breaches and fire fighting, to managing issues in an organized and proactive way, helping you answer the question of "ok, now what?" with:
Simpler and paired down user interfaces to help you know exactly what you need to look at
More extensive workflows for creation of reivews, assignment of tasks, and tracking impact
Custom notifications for critical alerts or actionable observations
Topic specific dashboards such as Russia Oversight or Master Data Quality Improvement
Gamification for user engagement enhanced training in compliance strategic thinking
SEIA PERCEIVE- Russia & SEIA PERCEIVE Master Data Quality Risks
In addition to updates to SEIA PERCEIVE, we are also happy to now provide smaller scoped analysis for specific topics for the companies that do not have the resources to approach the entirety of compliance risk management. These packages will offer a fixed fee project for a one-time assessent of the scoped topics while giving you insight into the power of SEIA analytics.
Stay tuned for more updates on our packages!
Are you ready to take the stress out of trade compliance? Join the growing community of professionals that trust SEIA. Reach to us at contact@seiatech.com.