CARLSBAD, Calif., July 11, 2014 /PRNewswire/ -- For the Dodd-Frank reporting year 2013 98% of suppliers filed with no sourcing determination. Didn't know or not telling? While we can't be certain why virtually all filers did not have meaningful sourcing declarations, we do know that supplier education & training can improve suppliers' response time and completion rates for conflict minerals due diligence.
Seven of the world's largest industry associations collaborated with Source Intelligence and Schulte Roth & Zabel LLP to launch a web-based training module within the Conflict Minerals Resource Center (CMRC). The training module is based on the best practices developed by leaders in these industries and their suppliers during the 2013 conflict minerals reporting period.
"Many Source Intelligence customers required suppliers to use the CMRC as part of their compliance programs because they recognize the importance of supplier education in creating a successful conflict minerals program," commented Jess Kraus, CEO and co-founder of Source Intelligence. "Now, we've made the training features of the CMRC even easier for suppliers to use by distilling the abundant literature about conflict minerals down to the most actionable information and presenting it in a lesson-based format which tests users on the content."
A comparison among manufacturing customers proves the point: suppliers that were not engaged with the CMRC took two months longer to respond to requests for information than their CMRC-educated counterparts. This evidence shows that using the CMRC enabled suppliers to positively differentiate themselves.
Key representatives from Apparel, Fashion, Manufacturing, Retail, and Toy Industries across seven trade associations worked with Source Intelligence and Schulte Roth & Zabel to align training and resource center priorities to provide member companies with the information they need to comply with the SEC regulation. Source Intelligence's Conflict Minerals Resource Center (CMRC) educates companies that are impacted by challenges associated with engaging suppliers about Dodd-Frank Section 1502.
To join the CMRC, click here.
About Source Intelligence (www.sourceintelligence.com)
Source Intelligence® is the leading value chain risk management company that provides a SaaS platform to help customers make informed decisions about their business partners and suppliers, so they can offer products that meet legal, ethical, and environmental standards. Its cloud-based information and analytics platform provides customers with visibility into product supply chains and material sources.
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