Bureau Veritas Teams With Source Intelligence In The Conflict Minerals Compliance Market

Jan 31, 2014 9:00 AM ET
Campaign: Conflict Minerals

Bureau Veritas, a global leader in testing, inspection, and certification, teams with Source Intelligence, the leading provider of conflict minerals compliance solutions, to hold a joint webinar on Conflict Minerals and 3rd Party Verification in March. 

On August 22, 2012, the SEC adopted a final rule to implement Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule requires publicly-held companies to disclose whether their products contain conflict minerals as defined by the law: tin, tantalum, tungsten or gold originating from the Democratic Republic of the Congo and specific adjoining countries. 

The first report, covering calendar year 2013, is due to the SEC by May 31, 2014. The SEC and Government Accountability Office estimate that approximately 6,000 issuers and 280,000 non-issuer companies will be directly or indirectly impacted by the rule.

"Conflict Minerals software solutions are a useful tool in the diligence process. The Source Intelligence software solution simplifies access to information, and can help streamline the due diligence audit process in the supply chain. It is encouraging that Source Intelligence developed a software innovation that can improve the transparency  of supply chains." said Francois Heuze, Product Development Manager for Bureau Veritas Certification North America.

Source Intelligence has been entrusted with hundreds of global brand’s compliance needs, holds the world's largest supplier network and was most recently awarded the contract to support 15,000 industry association member companies, their suppliers and contractors with resources support for the implementation of their conflict minerals compliance programs.

"Our platform methodologies, processes and procedures have been refined based on the needs and best practices of global brands over the last 3 years", commented Lina Ramos, Chief Business Officer at Source Intelligence. "Over the last few weeks we've seen a huge influx of demand for companies that initially attempted to handle their conflict minerals programs in-house using spreadsheets or templates only to find that their approach falls short for the Conflict Minerals Report, SD Form and potential IPSA audit. A comprehensive conflict minerals program that meets internal policy and legal requirements can take up to 12 months to complete."

In February Source Intelligence will be issuing the first cross-industry benchmarking study on conflict minerals compliance. "I think that all stakeholders in the ecosystem of supply chain and regulated materials compliance will be surprised to see the similarities and differences of program progress and supplier profiles across industries." Added Ramos.

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