FBR) in Pakistan has mandated a new Integrated Risk Management System (IRMS) for government departments overseeing trade controls within Pakistan Single Window (PSW) system. Introduced through SRO.1728(I)2023, the IRMS aims to create a more streamlined system for trade controls while also facilitating trade and reducing business costs.
The IRMS applies to all government agencies that oversee imports, exports, and transit goods cleared through the PSW system. It encompasses various inspection methods, including scanning, physical inspections, and document checks.
Here’s how the IRMS works: Goods will be categorized into different risk channels based on pre-defined criteria set by government agencies. All PSW clearances may involve scanning, inspections, document checks, sample testing, and other measures based on the assigned risk channel. The operating entity, with approval, can modify risk channels to ensure best practices are followed.
To ensure oversight and management, a Governing Council (GC) will establish an inter-agency Risk Management Committee. This committee will provide strategic direction, policies, and oversight for the IRMS. They will also foster collaboration among government agencies and monitor the effectiveness of risk management activities.
Finally, a Center of Excellence (COE) will be established to manage the IRMS. The COE will handle system updates, training, data sharing, and performance monitoring to ensure optimal efficiency and compliance within the PSW system. This comprehensive approach signifies FBR’s commitment to improving trade facilitation in Pakistan.
