Preparing for SEC Conflict Minerals Reporting
White Paper provides roadmap for timely SEC compliance for 2013
Woburn, MA -- (ReleaseWire) -- 10/01/2013 --Green Status Pro, the leader in Conflict Minerals Reporting, indicated the importance of properly preparing for Conflict Minerals.
On May 31, 2014, and every year thereafter, SEC Filers must comply with Section 1502 of the Dodd-Frank Act. This requires accurately preparing SEC Form SD and incorporating a Conflict Minerals Report detailing the enterprise’s Due Diligence and RCOI efforts and outcomes. Form SD must be filed with the SEC and placed on the enterprise’s website for public scrutiny.
“Conflict Minerals reporting is not a one-time event,” stated John Logan, Founder of Green Status Pro. “Validating and updating supplier data is an on-going process that must be managed throughout the year. The worst time to try and respond to the requirements for preparing Form SD is after the reporting calendar year has ended and Form SD must be filed within weeks.”
“Due to the uncertainty of how to properly implement an auditable Conflict Minerals Reporting Program, the majority of covered SEC Filers have not yet put in place the procedures required to achieve compliance,” stated Rob Kasameyer, President of Green Status Pro. “Faced with numerous conflict minerals reporting risks that are extremely worrisome to senior executives, enterprises are seeking solutions for achieving compliance with the SEC’s Conflict Minerals Final Rule.”
Since the objective of Dodd-Frank Section 1502 is to trace the source and chain of custody of 3TG back from the final customer, Non-Filer Suppliers with SEC Filer customers in their supply chain must also put in place an auditable Conflict Minerals Reporting program. However Non-Filers have been extremely reluctant to incur the costs of putting in place a compliance program while their customers and the SEC are still expressing uncertainty about what the program must include.
Current preparation status and best practices for both SEC Filers and their Non-Filer suppliers to efficiently manage the risks associated with Conflict Minerals Reporting are reviewed in the white paper “Conflict Minerals Reporting: Efficient Risk Management.” It does not constitute legal advice and consultation with legal counsel is strongly recommended. But it will help to determine preparedness, identify critical gaps in Conflict Minerals compliance programs, describe best practices to consider during the implementation process and the solutions Green Status Pro uniquely provides to efficiently manage Conflict Minerals enterprise risks.
About Green Status Pro
Green Status Pro’s mission is to simplify the regulatory lives of operating managers by automating the documentation of due diligence. GSP delivers comprehensive Conflict Minerals, ISO 9001 and ISO 14001 due diligence solutions. Green Status Pro (GSP) is the only cloud-based software service in the world that provides the knowledge base to guide managers through the implementation of their firm’s OECD Conflict Minerals Due Diligence program. GSP is an IBM Business Partner, hosting its application on IBM’s SoftLayer secure global cloud infrastructure. For more information, please visit Green Status Pro.
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