A Government strategy was launched in August 2018 with ambitions to make Britain a 21st century exporting superpower through better use of the UK’s overseas network, new online tools and building an extensive business to business network. As exporting becomes encouraged, risk is also growing for many UK businesses. Conducting export due diligence beyond financial and legal checks for companies, governments and or individuals involved in the export chain is a critical part of successful export in a digital era.
The key objective of the strategy is a new ambition to increase exports as a proportion of UK GDP to 35%. The report research shows that companies that export have increased growth potential, are more productive and have better paid jobs.
Last year £620 billion of goods and services exported by British companies accounted for 30% of our GDP, with UK exports are at a record high.
The Investigations and GRC (Governance, Risk Management and Compliance) Teams at Net-Defence have been working with UK Export Finance to support client education on exporting due diligence in a digital era.
This helps reduce risk and protect trade.
Debra Cairns, Head of Operations at Net-Defence with a background in export and GRC at one of the big four accountancy firms notes
“Background checks on companies payment terms, shipping terms and currency are frequently recognised elements of due diligence. What is often overlooked is assessing piracy risk, and background checks beyond desk top web searches. These can all lead to financial and reputation loss, which can be impossible to recover from”.
As risk such as domain squatting and piracy continue to grow in a digital era, Net-Defence continues to develop our teams skills and expertise in this area aligned with rising demand for export due diligence.
Top security considerations for successful export due diligence in a digital era;
- Companies trading history
- Company Director background checks
- Financial stability of companies or individuals
- Intelligence on company activity, compliance and risk
- Piracy risk assessment
- Payment periods and terms
- Shipping terms
- Compliance requirements
Approved by Police Scotland, with Trusted Partner status of the Scottish Business Resilience Centre and having been engaged by UK and USA Law Enforcement Agencies, Net-Defence has an established, trusted and reputable track record. As one of the UK’s leading technical security firms we have operated globally for over ten years consulting on a diverse collection of cases including stalking, death threats, damage to reputation, domain squatting, impersonation and piracy.