If you are involved in international trade compliance business operations, you need to be clear and well aware of the rules and regulations governing the same. Some rules are established by the governments of respective nations, as per the business landscape of their countries, whereas others are established with the aim of meeting the requirements of international trade agreements. For smooth operations in import or export business, you must understand the regulations properly for avoiding risks. Failure to comply with the regulations, even unintentionally, may lead to severe consequences including seizures, fines, inspections, imprisonment and loss of market access. Laws and regulations surrounding international trade are quite complex and to understand the risks of non-compliance fully it’s better to consult a customs, accounting or tax professional.
Data integrity is the completeness, accuracy and consistency of data, regardless of the format in which it is generated, retained or used. Maintaining the integrity of data pertaining to GMP activities is very important for maintaining compliance with the regulations. Best practices for maintaining data integrity not only encompass the Quality Control (QC) data but also the data which is generated by other activities like manufacturing, validation, packaging, materials management, facilities management and more. An effective way of maintaining data integrity involves risk-based and holistic assessment of the systems that store the data related to GMP operations, and include manual, electronic and hybrid systems. Continue reading “Best Practices for Maintaining GMP Data Integrity”
Every industry needs to evolve with time to keep up with the changing trends and business landscape. Challenges in the Banking industry is no exception. With time, bankers are encountering more risks and regulations, in light of growing concerns about third party relationships, workforce management and many other issues. Keeping in view all the concerns, banks and financial institutions are focusing more towards better strategies and modern technologies to deal with multiple challenges. Let’s have a look at the major challenges that the banking industry is facing and what should be the focus to overcome those challenges. Continue reading “Major Challenges in the Banking Industry”
Cyber security threats are heightening day by day and businesses, whether big or small, must take appropriate measures to strengthen their cyber security policies. Technologies are advancing and hackers are adopting more and more sophisticated techniques for data breaches, costing organizations millions. And, in addition to monetary loss, data breaches also damage the reputation and client relationships. Continue reading “Techniques to Strengthen the Cyber Security of Your Organization”
The business world is getting fiercely competitive and to maintain the competitive edge, relying only on forecast-based or budget based planning methods isn’t enough. The need of the hour is engaging in strategic planning where the objectives are clearly defined and strategy is formulated on the basis of the assessment of internal as well as external situations. Strategy formulation is then followed by implementation, evaluation and streamlining the strategy to achieve the goal. Strategic planning begins with defining the desired end and working backwards to the current status to formulate an effective strategy.
IRS audit is a much dreaded term even for many of the honest taxpayers. There have been instances where businesses have shut down after IRS audits and also the agency is quite meticulous about detecting questionable deductions or unreported income. This instills much fear among taxpayers, especially high-income taxpayers and self-employed individuals. However, it’s important to understand that instances of business shut down make up the worst case scenarios. IRS audits are, in fact, fairly routine and can be survived well. Although you are a diligent taxpayer, getting an audit notice from the IRS might make you nervous. Here are a few guidelines that would help you survive an IRS audit confidently:
No matter how hard you work to optimize your products and services, you are bound to encounter some unhappy customers, complaining about your work. However, for succeeding in this competitive era, it’s extremely important that your employees are skilled enough to handling customer complaints and work towards customer satisfaction. Continue reading “Handling Customer Complaints – Perfect Your Approach to Resolving Issues”
Internal communication is one of the most important aspects of a workplace, be it any type of company. Effective communication skills lead to strong professional relationships and helps in achieving goals faster. It not only improves the work environment but also leads to positive results. However, a number of organizations encounter internal communication issues that hamper work and cause misunderstandings. If you have such issues in your organization, it’s important to start working on them as soon as you can because letting poor communication get worse could drastically impact the success of your organization.