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Compliance Risk Management Takes Center Stage in Vanuatu’s Customs and Revenue Sector

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Introduction

The Department of Customs and Inland Revenue (DCIR) in Vanuatu has identified risk management as a strategic priority for its managerial and technical staff. To support this goal, the World Customs Organization (WCO) recently organized a workshop on risk management, funded by the Customs Cooperation Fund-Japan.

Workshop Objectives

The primary objective of the four-day workshop was to develop a comprehensive Risk Management Plan for the DCIR. The organization aims to ensure better alignment with its goals by making informed decisions and allocating resources based on risk management principles.

Key Outcomes

Comprehensive Risk Management Plan

Participants in the workshop drafted a detailed Risk Management Plan that identifies high-level risks and outlines mitigation strategies to address them. This marks the first time such a plan has been developed for the organization, which is part of its ongoing reform and modernization efforts.

Implementation and Feedback

On the final day of the workshop, three representatives presented the Risk Management Plan to the deputy directors, who then engaged in discussions and clarifications with the staff. The outcome was clear: officers demonstrated a solid understanding of organizational risk management and are now exploring ways to implement the plan in their respective work areas.

Expected Outcomes

The success of this initiative is expected to enhance compliance risk management in Vanuatu’s customs and revenue sector, ultimately benefiting the country’s economy and trade partners.

Benefits

  • Improved decision-making through informed risk assessment
  • Enhanced resource allocation based on risk management principles
  • Strengthened organizational resilience against potential risks

By implementing a comprehensive Risk Management Plan, the DCIR is taking a significant step towards ensuring the integrity of Vanuatu’s customs and revenue sector. This initiative will undoubtedly have positive impacts on the country’s economy and trade partners in the long run.