Compliance is a key component of any business, but it is even more vital in businesses with cross-border relations.
Geographically, the world is still a large place and the UK is still an island, but because of improvements in connectivity, we are closer than ever to the rest of the world. Companies are always looking to evaluate and improve, and technology is helping businesses of all size find new markets to explore.
But, every new market presents a new risk, and businesses require solutions in risk management and insurance that suit their specific needs. Handling cross-border relations with regulation and legislation can be difficult, and compliance is a key issue.
There are additional complications because you are exposed to more countries, where the political landscape can change with an election, new policies can affect exports and even changes to jurisdiction.
Brexit is an example of this, with multinational corporations having an additional six months to prepare and become compliant ahead of the UK’s exit from the European Union (EU), with the new deadline in October 2019.
Issues such as trade protectionism can affect your company’s cross-border relations, particularly with the US focused on ‘US First’ domestic products.
Ayleen Frete, regional practice leader at Allianz Multinational in London, said: “It’s very important to know the type of business you’re dealing with, whether it’s liability or its property, and whether the client has a freedom of services policy including all the countries where they do business or whether they’ve bought local policies in each country.”
Finding a solution that fits the needs of your company is crucial, with cross-border trade particularly pertinent right now.
The future landscape of the UK’s relationship with the EU may not yet be known, but at Macalvins we can help your business prepare for the future.