Industry continues to grapple with finding a balance between the expanding market opportunities to conduct global trade in military and dual-use goods while ensuring compliance with the export controls that apply to them. In addition to the export control regimes put in place at the national, regional and international level, there is an increasing focus on the responsibility of private sector institutions to act as a first line of defense against illicit diversion efforts that intersect with legitimate commerce. This Kharon x IHS Markit paper addresses regulatory framework, enforcement, and measures industry can take to improve compliance regimes.