EITAC (Export-Import Tariff Advisory Company) offers specialized consulting and services in the domains of Foreign Trade, Customs, and GST.
Getting benefits under the rules and policies that govern import tariffs and export benefits is very complicated since it requires extensive documentary evidence and compliance with a comprehensive set of rules. EITAC recognized that this means that everything is to be done accurately and comprehensively. They realized that the Domain-Control-Checklist framework of Sigmify GRC supports this requirement.
Key Components of the CVA Solution
1. SETUP
- Acts and Regulations: Acts and Regulations, broken down into domains and controls according to the lowest-level provisions pertaining to the Foreign Trade, Customs and GST, are defined in the system. That ensures the comprehensiveness of the solution.
- Expert-Designed Questionnaire: The subject matter experts have formulated the sets of questions for the Acts and Regulations that form the checklists. This question-answer format simplifies data collection from customers and ensures consistency throughout the process.
- Attributes: The attributes of the controls include details such as duration, frequency, lead time, reminders, evidence requirement, teams and risk management scoring such as severity and importance. The attributes are used to generate the control activities and present them to the team to work on.
2. Operations
- Products: Products are sets of Controls and Checklists for different requirements under each Act or Regulation. Customers can choose Foreign Trade, Customs, GST and a combination thereof as products applicable to them.
- Customized CVA Jobs : EITAC generates customized CVA tasks based on a client’s product preferences. Once the operational phase begins, the analysts initiate these CVA assignments. Regulatory requirements are automatically determined from a predefined set of controls. The corresponding questionnaire or Checklist is made available within the user’s workspace. Analysts document their observations in response to the provided questions, attach relevant supporting documents, and forward the assignment for review by their supervisor. The task remains active until both the analyst has completed the entire questionnaire and the supervisor has finished the review process.
3. Dashboard
- Reports : The CVA solution generates comprehensive reports that highlight key findings in the area of chosen products by the customers. The reports enable customers to identify the gaps and items that require attention. They are advised to take timely corrective action to prevent apossible violation of law.
- Dashboard : The dashboard helps the Operations Manager review the status of the control activities whether they are completed, WIP or pending. Possible non-compliance can be avoided by focusing on those tasks that are likely to get delayed. The top management looks at the risk scorecard to analyse which domains and controls have more risks, understand the severity of the risks, rank them in order of importance and determine actions to reduce the potential impact.
The CVA solution empowers EITAC by helping its customers make informed decisions, capitalize on available benefits, and stay compliant with the regulations.
