CPSM 1C3: Develop and maintain documentation regarding cross-border transaction

The third part of the CPSM Exam 1 requires professionals to have a substantial understanding about the International Supply Chain especially the international market to source goods and services.

CPSM 1C3 involves developing and maintaining documentation regarding cross-border transactions. It is important for supply leaders to know the kind of document and laws as they buy from global sources. A supply leader should carefully inspect and double-check the documents since it is always available for scrutiny by the government and international agencies.

1c3

What is Cross-border Transaction?

Is a transaction in an international or foreign security, or a transaction in a domestic security in which at least one of the counterparties is located outside the home country of the domestic security.

 

Paying Bribes

A supply chain professional is prohibited by the International Anti-bribery Act of 1998 in the US from paying bribes to foreign government official. Supply managers are expected to become aware of the provisions as a part of this topic and its implication for the supply management.

 

Import Licenses and Custom Duties

CPSM 1C3 also requires supply leaders to study and keep track on import licenses, customs duties applicable and assuring that you are accomplishing the required requirements of international transactions applicable to your location.

 

Custom brokers are vey helpful to clear out the goods and ascertain that all custom duties are paid so that there will be no delay in clearing the goods.

 

The port authority for any presence of threats checks inbound containers. Acquiring a smart container is useful since it results to a speedy port authority check.

 

To sum up, this section is quite prompt for supply mangers provided the improving globalization and ease of interaction using the Web. Just acquiring the ideal vendor at the best price is not nearly enough but monitoring suitable laws relating to foreign supplies is an important obligation for supply managers no matter of their location.

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