Global

Details

  • Service: Advisory
  • Industry: Mining
  • Type: Business and industry issue
  • Date: 9/15/2012

Conflict Minerals and Beyond – Part One: developing a global compliance strategy 

The report covers Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. It takes a global view of the topic highlighting that despite it being a US law, it affects thousands of companies globally.

Conflict Minerals – Part One
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The report highlights that compliance with these regulations is not just a box-ticking exercise, but a matter of strategy. By taking a broad view of the impact of these regulations on the entire enterprise and developing a strategy of compliance, companies are likely to reap long-term benefits in the form of supply chains that are more efficient, less risky and more transparent.


A survey of KPMG partners and directors conducted in May 2012 by KPMG’s Americas’ Financial Services Regulatory Center of Excellence (COE) shows that 45% of 94 KPMG firms’ partners and directors say their client companies have started work on complying with Section 1502, even in the absence of the final regulations.


It highlights that compliance is not going to come cheap with companies knowing the full cost only after they begin reporting on conflict minerals in their supply chains and full compliance taking years.

 

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