Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act, 2010) requires companies that are publicly-traded in the U.S. to report whether they manufacture products containing “conflict minerals” - specific products sourced in the Democratic Republic of Congo (DRC) and neighboring countries. The effective date for filing is May 31, 2014.
Companies today are using 3rd parties to deliver up to 60% of their revenues. Manufacturers in affected industries, such as aerospace and defense, automotive, consumer products, electronics and communication, medical device manufacturing, packaging, technology, need to understand which of their products, and therefore supply chain vendors, are in scope for conflict minerals.
The OECD has published guidance - OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas – in which they outline a recommended framework for risk-based due diligence for
An auditable due diligence process, as well as complex scenario planning reduces time to compliance and potential impact on your supply chain and revenues.
Hiperos Conflict Minerals is a fully integrated component of the Hiperos 3rd Party Management (3PM) SaaS platform. Hiperos CM reduces the burden and uncertainty of Conflict Minerals disclosures by automating supply chain due diligence with a solution that is scalable, affordable, consistent and objective. Integrated complaint management, reporting, analytics and training minimize the administrative overhead of a Conflict Minerals Compliance Program and provide immediate access to information required by auditors and regulators.