Conflict Minerals Software Solution
How to comply with the conflict minerals rule
On August 22, 2012, the SEC issued a final rule on conflict minerals pursuant to Dodd-Frank Section 1502. The rule, known as the Conflict Minerals Statutory Provision, requires that companies publicly disclose their use of conflict minerals. The BWise integrated Governance, Risk management, and Compliance (GRC) platform can help your organization comply with the new Conflict Minerals Statutory Provision. The platform will make it easier to embed relevant processes within your organization, and facilitate information gathering and filing of a Conflict Minerals Report, if required under the rule.
The Solution: BWise® for Conflict Minerals
BWise supports efficient adherence to the Conflict Minerals Statutory Provision by offering a software solution for Conflict Minerals that supports the end-to-end compliance process. It is part of the BWise® integrated GRC platform. With the BWise software solution for Conflict Minerals it is easy to create and maintain an auditable compliance framework and a defined process. This helps to ensure decisions are made efficiently, transparently, at the appropriate organizational level and with ultimate accountability to executive management.
Collect, audit and report
Conflict Minerals Statutory Provision compliance can easily be integrated in daily business processes and risk management practices. Using the BWise software solution, you can not only manage your specific compliance initiatives and collect data from your supply chain but also create total workflow, schedules, audit trails and reports around it. BWise helps compliance teams quickly identify company policies and business processes directly impacted by the Conflict Minerals Statutory Provision. Compliance teams can then determine whether to involve business process owners using targeted compliance assessment campaigns and action plans to remediate compliance issues.
Lower overall compliance costs with an integrated approach
BWise is an integrated software platform that is applicable for every regulation your organization has to comply to. On average companies spend approximately five percent of their revenue on risk management and compliance related processes and separate systems. By standardizing, integrating and using improved business processes, organizations can dramatically reduce compliance costs.
Better, more transparent supply chain management and an improved governance structure can reassure all of your stakeholders, internal and external. Contact us for more information on how BWise can help your organization mitigate risks associated with the Conflict Minerals Statutory Provision or download the brochure "BWise Software Solution for Conflict Minerals Statutory Provision Compliance".