A new era for global trade management software

Although overlooked at times, free trade agreements (FTAs) are an area of both potential duty savings and sourcing stability. FTAs allow goods to move between countries at preferential duty rates and create a more favorable trade environment for participation in the global marketplace. ONESOURCE Free Trade Agreement (FTA) Management helps companies identify opportunities to qualify their goods under FTA-specific rules of origin and reduce supply chain costs by taking advantage of preferential duty rates under FTAs.  

There are several consequences if a company does not screen its supply chain partners. These include doing business with a banned entity, which would cause financial and reputational harm to the company, as well as cause increased scrutiny by the governing agency. 

Yes, with ONESOURCE Denied Party Screening, you can maintain compliance and mitigate risk across global operations by screening customers and supply chain partners against hundreds of global lists for restricted persons, companies, and sanctioned or embargoed countries, as well as lists from our partners, including Sanction Ownership Research, Adverse Media Entity Lists and Politically Exposed Persons.  Leverage the power of our global researchers who have added more than 25,000 entities on DPS lists since the additional sanctions were leveraged on Russia and Belarus.

A solution that helps mitigate supply chain risk should automatically screen vendors against global denied party lists, reduce the time required to compile and score vendor risk assessments, and provide visibility into supply chain using dashboard metrics. 

Programs such, ES&G concerns such as Forced Labor, Conflict Minerals, Product Safety, and the Lacey Act require due diligence and information.  

Thomson Reuters ONESOURCE Supply Chain Compliance ensures that you partner with companies that meet your organization’s code of conduct by automating the time-consuming process of vendor risk assessment for programs such as CTPAT and AEO, human rights concerns such as forced labor, and other supply chain issues such as conflict minerals, product safety and the US Lacey Act.

Access the most comprehensive repository of global trade content covering regulatory controls, tariff schedules, and trade-related data to power a company’s supply chain operations with Thomson Reuters ONESOURCE Global Trade Content.  Rely on a team of global researchers that cover regulatory content for more than 215 countries and territories. 

Yes, with ONESOURCE Smart ECN, part of our Export Management solution, you can simplify export classification using three unique mapping capabilities, including search by description, benchmark against similar products, or correlation against HS to ECN table. ONESOURCE Smart ECN can help you reduce the risk of misclassification that can lead to costly penalties.  

Smart HS classification, part of Global Classification, leverages AI and NLP in its search feature, (rather than the outdated keyword search,) to optimize the speed and accuracy of import classifications. In a World Customs Organization HS Classification competition, classifiers using the search technology within Smart HS attained a 93% classification accuracy compared to 68% by private sector experts.  It enables you to provide certain unique information such as product attributes, weights, measures, trademarks, and CAS number etc., and automatically compares them with the WCO HS database of 5000+ products to accurately link the product to its correct HS number, saving hours of manual research.