Through its advisory services, ITTCON offers support to companies in the timber trade that wish to minimise compliance risk in the internal European market. Clients can rely on expert consultants and up-to-the-minute advice on risk management and the due diligence framework of EU regulations.
Minimising Risk: Supply Chain Documentation
Have you ever wondered what compliance risks your company could face when first importing raw timber or finished wood products from a non-EU country, such as from Turkey or Belarus, into the single market of the European Union? Apart from corporate liability, did you know about personal liability as a board member or managing director of a corporation?
Furthermore, what might be the consequences if your company does not comply in full with its obligations as a market participant, the traceability obligations or the due diligence requirements of EU Timber Regulation (EUTR)?
EU Timber Trade Regulations
In force since March 2013, EUTR and rules regulate the legal status of imported wood and timber products in the single market. The regulations affect all trading entities. It is necessary to evaluate risk, but unfortunately, there are several pitfalls to avoid and some essential requirements that traders should not overlook.
Compliance Risk Management
Notably, the due diligence clauses in EUR-Lex 995/2010 govern legal impact, sustainable supply chains and official proof of origin where available. Throughout the wood trade, compliance risk management protects against legal sanctions and fines for infringements, as well as damaged corporate reputation and financial loss.
At the core of risk management are the principles of adequately identifying, assessing and reducing compliance issues. Furthermore, the overall process represents a highly effective way to implement and monitor due diligence in regulated timber trading within the EU. It comprises three critical elements: information gathering, risk assessment and its minimisation.
With ITTcon to manage compliance, we guarantee to establish a legal and ethical trading structure for timber and wooden products within your organisation. Through a due diligence system, your operations will comply with the EU regulatory framework and legislation.
Benefits of Minimising Compliance Risks
- Improved consistency and value throughout supply value chains.
- Greater transparency and favourable perception by authorities and consumers.
Positive contribution to sustainability and timber availability.
We invite you to contact us for a free copy of the essential legal bases. Please visit our service page to enquire about consultancy and our optional, integrated advice service.