February 06, 2022
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Customs risk

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What is risk from a customs point of view?

From a customs point of view, ‘risk’ refers to the likelihood and the impact of an event occurring, with regard to the entry and exit of goods moved between the customs territory and other territories, which would:

  • prevent the correct application of customs territory measures; 
  • compromise its financial interests; 
  • pose a threat to the security and safety of its residents, to human, animal or plant health, to the environment or to consumers.

What is customs risk from business perspective?

The legal rules applicable to goods brought into or taken out of the customs territory, on the one hand, impose requirements to comply with, and on the other hand, offer various procedural simplifications and tax saving opportunities. Therefore, businesses manage two types of risk:

  • the risk of non-compliance with legal requirements;
  • and the risk to miss out to acquire competitive advantage (by not utilising legal possibilities).

Customs compliance and risk management should be integral parts of the same management process. See article Managing customs risk and compliance: an integrated approach by Professor David Widdowson.

Comments ()

image en
Customs clearance in the EU: basics for the container shipping and logistics industry
07-05-2022

Customs Knowledge Institute

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Customs clearance in the EU: basics for the container shipping and logistics industry
07-05-2022

Customs Knowledge Institute

compliance and risk management
en, lt
Who is responsible for customs compliance? or When everyone is responsible - no one is!
30-04-2022

Reader‘s question: We are a medium-sized EU manufacturing company. We import and export goods, and customs clearance is handled by customs agents. We are going to set up our own customs warehouse, apply for the AEO status and obtain authorisations for customs simplifications. We have also faced restrictions in regard to the sanctions imposed on Russia and Belarus. The question is, who in the company should be responsible for fulfilling the customs requirements and complying with them so that customs-related processes run smoothly?

Enrika Naujokė

compliance and risk management
en, lt
Who is responsible for customs compliance? or When everyone is responsible - no one is!
30-04-2022

Reader‘s question: We are a medium-sized EU manufacturing company. We import and export goods, and customs clearance is handled by customs agents. We are going to set up our own customs warehouse, apply for the AEO status and obtain authorisations for customs simplifications. We have also faced restrictions in regard to the sanctions imposed on Russia and Belarus. The question is, who in the company should be responsible for fulfilling the customs requirements and complying with them so that customs-related processes run smoothly?

Enrika Naujokė

compliance and risk management
image en
Customs risk and the business: risk by functions
25-02-2022

Catherine A. C. Truel

compliance and risk management
image en
Customs risk and the business: risk by functions
25-02-2022

Catherine A. C. Truel

compliance and risk management
en, lt
Customs (trade) compliance
06-02-2022

Customs compliance means compliance with legal rules and procedures applicable to goods brought into or taken out of the customs territory.

compliance and risk management
en, lt
Customs (trade) compliance
06-02-2022

Customs compliance means compliance with legal rules and procedures applicable to goods brought into or taken out of the customs territory.

compliance and risk management
en
Customs clearance in UK in 2022: what could possibly go wrong?
06-02-2022

Being aware of the many things that could go wrong with customs in 2022 will make you think about how to minimise risks.

Jessica Yang

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en
Customs clearance in UK in 2022: what could possibly go wrong?
06-02-2022

Being aware of the many things that could go wrong with customs in 2022 will make you think about how to minimise risks.

Jessica Yang

compliance and risk management
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