Let’s explore Webb Risk Intelligence
What is a risk management system?
A risk management system is a platform that uses advanced machine learning and artificial intelligence technologies to provide customs authorities with the tools they need to anticipate, detect, and mitigate potential risks in trade operations. When utilised by traders they experience more streamlined processes, ensuring that they have the correct documentation and permissions required to bring their goods into the country, and that the relevant declarations are made.
How does it work?
Our risk management system, 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.
