GlossaryEN1 min readUpdated: Jun 24, 2026

Import Risk Management

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Last updated: 24 June 2026Published: 19 June 2025

Source: https://www.wcoomd.org/en/topics/enforcement-and-compliance/overview/risk-management

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Incoterms 2020 Simulator: Who bears costs & risk?

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Definition & Explanation

Customs brokers, freight forwarders, and importers share responsibility in Import Risk Management for systematically identifying and reducing the full range of hazards in cross-border goods movements. Risk categories span regulatory compliance (tariff classification, sanctions screening, product safety standards), financial exposure (currency fluctuations, payment defaults), security concerns (cargo tampering, customs liability), and operational disruptions (port congestion, document errors, carrier strikes). The discipline follows a structured cycle: identify risks, assess likelihood and potential impact, then deploy countermeasures such as contractual safeguards, real-time tracking, insurance cover, or process redesign. Complete risk elimination is unattainable in international trade—the objective is to reduce residual risk to an accepted and clearly understood level.

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Find HS codeDetermine the tariff number for customsOpen Calculate customs valueWork out import duties and customs valueOpen Compare IncotermsClarify duties, cost and riskOpen Check transport insuranceEstimate coverage and premiumOpen

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Import Risk Management

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Related Terms

import duty risk assessment

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Import Compliance Risk Management

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