It's been six months since the Importer Security Filing (aka Customs 10+2) regulations took effect, but some companies are still struggling to achieve 100% timely and accurate filings as required by these new regulations.

Please take a minute to answer the following unscientific and highly subjective poll! Based on your answers, I will feature more posts on these exciting trade compliance categories in the future.

In a recent AMR Research study, 53% of 160 global trade professionals surveyed claimed that they would be increasing their investment on global trade management (GTM) software in 2010. Some of the main reasons cited in the study for the increase include: to improve coordination of GTM functions internally; to meet government mandates; to meet security requirements; to protect the brand; and to control various costs.

Here's a great article I found in Logistics Management that gives a basic overview of the Importer Security Filing ("10+2") rule: Complying with the Importer Security Filing. The rule, which goes into full effect very soon - Jan. 26, 2010, will require importers of ocean freight to complete a properly executed Importer Security Filing (ISF). To comply with this rule, the importer must submit 10 pieces of data related to the container's contents 24 hours prior to loading, and the carrier must submit an additional 2 items no later than 48 hours after departure.

Automating the import supply chain today is complicated by new compliance regulations like Customs 10+2 and C-TPAT. In this interview with Global Logistics & Supply Chain Strategies magazine, VP Customs Compliance at Leggett & Platt discusses best practices for import compliance and for transforming a fragmented global procurement approach into a centralized global import process:

Today, importers must deal with end-to-end supply chain accountability and are increasingly challenged to have visibility and control over their supply base and origin operations. Here is a short video gives a good overview of how GTM technology can help companies manage these complexities of going global by automating their inbound processes, improving regulatory compliance and attaining landed cost objectives:

Recent research shows that the average cost per Importer Security Filing is $30.* With large importers filing 5,000 ISFs or more per year, the cost of compliance totals to upwards of $150,000 and provides no ROI other than penalty avoidance.

In this short video, Ty Bordner, VP of Solutions Consulting at Management Dynamics discusses some of the strategic opportunities that ISF Compliance can present to an organization, including:

• Reducing the effort of complying with Customs 10+2
• Minimizing errors upon entry by linking to ISFs
• Eliminating manually re-keying data
• Preventing potential penalties of $5,000 per ISF
• Reducing broker fees (on average, $30 per ISF)
• Managing the import process with complete visibility from origin, through customs, to the final destination

*Source: American Shipper ISF Benchmark Study

CBP will be presenting a 10+2 Outreach seminar at the following locations in the month of September.

Here is an interesting video on SupplyChainBrain about 10+2: Strategic Opportunities That 10 Plus 2 Presents. In the video, Ty Bordner, VP of Solutions Consulting at Management Dynamics, discusses how importers can use 10+2 to their advantage. For instance, since the elements of 10+2 filings are the same for other import documentation, importers should leverage the former to reduce data inaccuracies.

There's been a lot of buzz in recent months about the "10+2" rule, which is planned to go into full effect on Jan. 26, 2010. The rule went into effect last January, taking a phase-in approach with enforcement. During the first 12 months, violators of the rule will only receive warnings. Beginning next year, fines will be issued of up to $5000 per violation. Importers must provide 10 sets of data before key milestones for U.S. bound shipments. In addition, importers must ensure that the ocean carrier provides an additional two sets of data prior to vessel arrival in the U.S. Some people may be hopeful that the Obama administration will offer a last-minute reprieve to the regulation, but according to Journal of Commerce, that's not going to happen.