European Union Conflict Mineral Rule Places Source Intelligence in Prime Position Based on Expertise, International Experience
By Business Wire News
By Business Wire News
The European Union’s adoption of sweeping conflict minerals rules places Source Intelligence as the continent’s leading tracking and reporting solution provider based on its lengthy history with supply chain management, established presence in the EU and experience with conflict minerals.
Source Intelligence already is working with companies based in more than 30 European countries to analyze their complex supply chain networks to identify whether products are associated with conflict minerals and other restricted substances, contributing to unfair labor practices or a host of other social and environmental issues.
“Our company was founded on the tracking and reporting on conflict minerals. This is the level of experience and history that companies in the EU will require to comply with the new rules,” said Jess Kraus, CEO of Source Intelligence. “As we already have seen in the United States and China, companies quickly realize the cost-effectiveness of utilizing the world’s largest supplier reporting network and most comprehensive enterprise solutions.”
Many EU companies with U.S.-based affiliates already were using Source Intelligence’s cloud-based SaaS platform, 24/7 multi-lingual supplier engagement team and massive supplier database to file reports in the U.S. under the Dodd-Frank act for conflict minerals. To date, SI has more than 300,000 platform users, and two-thirds of its clients have a 90-100 percent supplier conflict mineral reporting completion rate. SI also owns the largest private database for smelter aliases.
In anticipation of the EU rules, SI has been hosting meetings and conducting briefings for more than a year with hundreds of EU companies and suppliers to provide background and intelligence on conflict-mineral tracking and reporting.
Kraus advised EU companies not to wait for the final technical rules to be delivered.
“Tracing commodities on a global scale is not an easy task. What we found is that most companies, large and small, don’t have the next level of supply management processes required to pinpoint the original source of materials,” Kraus said.
Under the EU rules, the burden will be on downstream section of the supply chain to monitor imported materials. It can take months and significant cash to set up an internal monitoring and auditing system for conflict minerals.
“Source Intelligence already has created a robust and easy-to-use network that simplifies the monitoring and reporting requirements,” Kraus said. “We are ready to hit the ground running in the EU.”
About Source Intelligence®
Source Intelligence® (SI) is a global network of businesses linked together to expedite the exchange and validation of compliance information. SI’s cloud-based SaaS platform helps customers make informed decisions about business partners to offer products that meet legal, ethical, and environmental standards. The company’s information and analytics platform provides customers with visibility into supply chains in order to comply with the law, minimize operational and brand risk, and improve efficiency. Founded in 2009 by career experts in environmental solutions and analytics, Source Intelligence® has headquarters in Carlsbad, California and operations worldwide. SI has received multiple awards, including the “2015 GRC Innovation Award” by analyst firm GRC 20/20, “Most Promising Supply Chain Tech Solution Provider for 2014 and 2015” by CIO Review, and CEO Jess Kraus was recently named “CEO of the Year” by CIO Review.
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