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1. Operations training for every
person working in:
Issuance of Import LCs
Amendments
Document examination
2. Risks:
Reassess reassess the current risks with the new
UCP 600
New controls in line with UCP 600
Changes to old controls
3. Legal:
Determine implications of UCP 600
Review agreements and forms to incorporate UCP 600
4. Sales:
Train personnel to understand UCP 600 so that they
can effectively sell and market TF products
5. Customers:
Acquaint them with choices to bank with a bank who
knows UCP 600 and who is the first one to train them up and to handle
discrepant documents in terms of new UCP
6. Policies:
UCP 500 or 600 (for sometime old transactions
would still be governed under UCP 500 despite the lapse of effective date of
UCP 600)
UCP 500 or 600 or ISP 98
7. Systems:
Review Impact of UCP 600 on systems and Swift (currently
swift is working to develop MT 734 based on the UCP 600 standards.
Finally, what does
it now mean? Implications and Expectations
a) Decision
Scope of decision
Responsibility
Budget
Timeliness
b) Implementation
A necessity as one cannot live without it
c) Options
Should one go piecemeal
Coherent
Strategy
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