Monday night, and part of my studies tonight is covering Risk management.
What are you, the Importer & we, the Freight forwarders exposed to when dealing with foreign trade & how do we all effectively manage these risks??
Have you considered Country Risk / Geographical Risk when importing from a foreign country? Geographical Risk is known as a politically risky country where Piracy is a very big factor.
Pirate activity not only disrupts trade, it often results in loss of lives. South East Asia and the Indian Sub-Continent have now been added to the Piracy and armed robbery prone & warning list.
Make sure to ask your forwarder if the country you are importing from or exporting to – is considered a risky country / geographical risk?
Trading with ‘risky’ countries can impose additional charges like security surcharges on top of your freight. This increases your freight cost and adds to your bottom line.
Check out this live map which shows all piracy and armed robbery incidents reported to IMB Piracy. Reporting Centre during 2015 https://www.icc-ccs.org/piracy-reporting-ce…/live-piracy-map
Your information saves lives – Use the 24hr Maritime Security hotline – https://www.icc-ccs.org/p…/24-hour-maritime-security-hotline to report any suspicious activity.