September 28, 2023
Multinational companies are facing increased pressure to comply with sanctions and evolving regulations in global trade
Thomson Reuters product enhancements screen sanctioned entities, help navigate global regulations, and support international trade compliance.
TORONTO, September 28, 2023 – Thomson Reuters (NYSE/TSX: TRI), a global content and technology company, today announces a series of updates to ONESOURCE Global Trade. From advanced features in denied party screening of supply chain partners and customers, to global regulatory updates, multinationals will benefit from simplified processes as part of ONESOURCE Global Trade’s most recent release.
In global trade operations, the months ahead will continue to bring a greater need for tools to facilitate compliance, with shifting and new regulations coming into force worldwide. Alongside challenges brought by inflation and supply chain shortages and disruption, nearly half (46%) of trade professionals working in corporate departments see retaliatory tariffs as the area most likely to impact operations for corporate businesses, shows the 2023 Corporate Global Trade Survey from Thomson Reuters.
“Our latest study tells us our customers are struggling under the weight of data-intensive demands brought about by today’s import and export trading environment,” said Ray Grove, Head of Product, Transactional Compliance at Thomson Reuters. “For trade leaders in multinational companies, prioritizing cross-border compliance and duty optimization is critical to long-term business success. We are helping customers optimize their global trade operations with greater insights and simplified processes, making compliance and cost savings more accessible for tax professionals in corporate trade teams.”
Thomson Reuters Innovation and Product Enhancements Include:
Automated partner and customer screening with ONESOURCE Denied Party Screening – Thomson Reuters continues to improve denied party screening for corporates with the redesign of the ‘Quick Screening’ feature in ONESOURCE Denied Party Screening. This feature provides global trade teams with the vital data needed to make swift decisions on matched entities in reduced time. Professionals can easily scrutinize supply chain partners and customers against global denied party and sanctions lists, supporting global trade compliance. The tool also offers instant language translation, supporting understanding and ease of use in global teams.
Availability: The Quick Screening feature in ONESOURCE Denied Party Screening is available globally to all customers using the Advanced Engine.
Optimized trade strategy and savings with Free Trade Agreement Analyzer – ONESOURCE Free Trade Agreement (FTA) Analyzer enhancements help companies to easily calculate and compare potential and actual duty savings to identify FTA optimization opportunities. Thomson Reuters intelligent content supports customers with analyzing the performance of FTA usage and highlights further savings corporates can access. Reports within FTA Analyzer can also be used to build a business case when starting or expanding a program, supporting a strategic approach to FTA planning.
Availability: Free Trade Agreement Analyzer is part of the ONESOURCE Global Trade Management product suite, available globally.
ONESOURCE Help Center enhances user support with regulatory insights – 'Regulatory Insights' is now available in the ONESOURCE Help Center, enhancing user support with fast and convenient access to trending regulatory, legislative, and compliance information for cross-border trade. Users can access Thomson Reuters content including articles, regulatory summaries, video briefings, and thought leadership pieces to stay informed about compliance requirements.
Availability: Regulatory Insights can be found in the Help Center within the ONESOURCE Global Trade Management product suite, available globally to subscribers.
Thomson Reuters (NYSE / TSX: TRI) (“TR”) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.
Director, Customer and Product PR
Notes to editors
Methodology: Surveys of 177 global trade professionals from North America (U.S., Canada, Mexico), EU, UK, and Latin America, primarily upper-level executives, directors, and managers involved in various aspects of global trade, including operations, logistics, procurement, supply-chain management, and compliance. Respondents primarily from companies with more than $100 million in annual sales revenue.