Düsseldorf, Germany – The SEIA team was delighted to once again sponsor and participate in the Nielsonsmith annual European Sanctions and Export Controls Conference.
During the two-day gathering (January 31st – February 1st), which brought together Compliance Experts from across Europe, the speakers and discussions delved into crucial topics, including how to address the risk of technology transfers, building effective internal controls, and the recent changes in EU/US sanctions.
On the first day, Erika Trujillo, SEIA's Managing Director shared her thoughts on the growing importance of data analytics utilisation in trade compliance, especially for identifying and managing risks of diversion and circumvention. Her presentation focused on the approaches to leverage internal dat, the need for deeper understanding and root causes analysis, as well as sharing case studies of interesting diversion risk trends.
Erika emphasized that “the authorities are actively implementing data analytics to identify transactional red flags and gain more transparency over potential violations," and further that "given the rapidly evolving geopolitical challenges, it is critical that trade compliance officers have the strategic information necessary to support business resilience."
"We are already liable for the data that we have" Trujillo urged attendees, encapsulating the essence of SEIA's unique approach to Risk Cognition.
Post-conference, Mr. Ike Obi, Senior Manager UK/Europe Global Trade Compliance, shared on Linkedin his thoughtful reflections on the event, stating, "Our role as the first line of defense is to ensure that the business complies with the applicable laws and regulations in the territories we do business in, as well as international laws."
The SEIA team sends a heartfelt thank you to the organisers, speakers, and participants of this event, and looks forward to next year.