By Kerrie Foy on Mar 07, 2013
For many companies in several industries, complying with the new Conflict Minerals Law is a regulation posing significant challenge.
Signed into effect by the U.S. Securities and Exchange Commission as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, it is a regulation aiming to stop funds from the sale of minerals mined in the violent region of Democratic Republic of Congo from further financing the conflict. These are common minerals (namely columbite-tantalite, cassiterite, wolframite, and gold) used in the production of many electronic devices. The new regulation requires that companies issue annual public reports relating to the use of these minerals, and pressures them to use "DRC Conflict Free" minerals from approved smelters.
Of course, complying with this new procedure will likely incur a cost, one that may be very high for companies if handled poorly. A negative report may also shine light on failing corporate social responsibility. The first reporting period began January 1, 2013, and reports are due May 31, 2014. Now is the time to make sure you have a scalable, effective solution in place to reduce the cost of compliance, lower risk, and resolve non-compliance issues fast.
Oracle has for years been helping companies systematically manage product compliance quickly and reliably with Agile Product Governance and Compliance. And since the release of Agile PLM version 9.3.2, Oracle Consulting Services and certified Oracle Agile partners can now help extend the new features to provide you a framework to comply with the Conflict Minerals Law. Learn more in this recently published 2 page article on how Oracle can help: Conflict Minerals Law: Effectively Manage Compliance with Agile Product Governance and Compliance.