Manufacturing is undergoing a rebirth of sorts driven by lean manufacturing processes and new advanced technologies. But the rise of insular nation-first policies is creating a global headwind. In Europe, efficiencies driven by just in time pan-national supply chains are threatened by Brexit; the benefits of transfer pricing are being lost to sales based tax regimes proposed by France; globalisation itself is becoming less attractive due to an America first trade policy and the slowing of the Chinese economy.
Global trade will not shatter into a series of disjointed closed markets, but to maintain momentum, successful manufacturers will need to plan for managing multiple locations in different jurisdictions with conflicting and maybe even contradictory codes, standards and requirements.
A common platform available and accessible across time zones and working calendars will enable your assurance teams to streamline their co-operation and collaboration in addressing the challenges this new world order will create. A shared taxonomy of risk, a common evaluation framework, and effective communication with colleagues, enables management teams to monitor risks in Manitoba as easily as the risks in Munich