For Immediate Release:
Barbados, July 4, 2018 - TTEK, a trailblazer in advanced technology and services for the optimization of customs processing, announced today that the firm has been formally awarded a 2 Million (USD) contract to develop and implement an integrated Risk Management System for the Single Electronic Window in Trinidad and Tobago.
TTEK will deliver among the first global Risk Management Systems for use between Customs and Other Government Agencies to augment border coordination and interoperability required to both identify high risk shipments for closer scrutiny while simultaneously facilitating pre-approved and or low risk trade.
The TTEK strategy also introduces what many experts consider to be among the first deployment of predictive analytics into a real time, mission critical border operation.
“The technology has matured to a point to allow us to deliver such a solution”, said Chris Thibedeau, Founder and CEO of TTEK Inc. “It’s exciting to be among the pioneers of machine learning and artificial intelligence in the Customs and border solutions community, especially when we can simultaneously help governments promote trade facilitation, identify serious threats to health safety and security, and address revenue leakage concerns.”
Many leading economists believe trade facilitation is a catalyst to promote economic growth, increase GDP, and improve other measurement criteria including income, the human asset index, and the economic vulnerability index. GDP growth can be expedited and fostered though a systematic approach to operational risk management to identify and focus resources on high risk goods, while simultaneously facilitating pre-approved and/or low risk consignments across the border. Doing so will increase revenue collection and enforcement sanctions, improve trader compliance, recoup lost revenue, reduce Customs predictability, as well as reduce opportunities for corruption and improve organizational integrity. The foundation for effective border management resides in a sound risk management system.
TTEK (pronounced "Tee Tek") specializes in developing and deploying technology and services for the optimization of customs and border processing. Headquartered in Barbados, the company promotes a fusion of leading edge products with operational and academic subject matter expertise to help assist nations with modernizing their border processing systems and methodologies. With deep experience in solutions for electronic single window and risk management, the firm’s product design road-map includes the development of new analytical capabilities using the concepts of machine learning and artificial intelligence (AI). More information can be found at: www.ttekglobal.com
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