Let’s explore Webb Risk Intelligence
What is a risk management system?
A risk management system is a solution designed to help customs authorities anticipate, detect, and mitigate potential risks associated with trade operations. By leveraging advanced analytical tools and automated processes, this type of system optimizes the management of trade flows, enhances compliance, and improves the overall efficiency of controls.
Our application, Webb Risk Intelligence, takes this a step further by integrating cutting-edge technologies such as machine learning (ML) and artificial intelligence (AI). These features enable the creation of dynamic risk profiles, providing compliant operators with benefits such as faster clearance, reduced processing times, cost optimization, and enhanced competitiveness.
How does it work?
Webb Risk Intelligence is built on four pillars - intelligence, compliance, predictive analysis, and random selection. Through collaborative implementation, these principles streamline the process for customs authorities, enhancing their ability to evaluate and manage risks associated with trade operations.
1. Intelligence criteria is used to develop targeting rules by analysing data to identify patterns and trends associated with high-risk activities. This analysis may involve examining information collected from various sources, both internal and external, such as intelligence from national or international partners.
2. Compliance criteria plays a crucial role. With our risk profiling module, we can accurately select operators who comply with customs standards. This capability effectively manages national programs for Authorised Economic Operators (AEO). Thus, operators reaching a high level of compliance benefit from less stringent controls.
3. Predictive analysis is essential to the decision-making process for identifying high-risk shipments and dynamically enhancing our solution. This approach uses historical data to anticipate potential risks. By leveraging advanced machine learning algorithms and artificial intelligence, customs authorities can pinpoint high-risk declarations, optimise resource allocation, and concentrate efforts on areas with the highest risk of non-compliance.
4. Random selection complements our approach by randomly selecting low-risk declarations for occasional surprise inspections. This practice contributes to deterring fraudulent activities and behavioural change.
The benefits of the Webb Risk Intelligence integrated risk management system extend beyond merely simplifying the day-to-day operations of the country’s ports. The ripple effects are felt across the entire country as a whole. When goods move through ports of entry in a swift and streamlined manner, the economy benefits from increased trade and economic growth, improved competitiveness, job and revenue creation, and infrastructure development.
Webb Risk Intelligence platform can be plugged into any system Customs Management System, Single Window, or LPCO (Licence, Permit, Certificate, or Other) to help identify and mitigate risk in an objective, rational and systematic way, allowing administrations to efficiently treat transactions by apportioning fewer resources to low-risk transactions, as recommended by the Revised Kyoto Convention.
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