Tag: conflict minerals

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Daily Compliance News

Daily Compliance News: December 20, 2024 – The First Post-Wirecard Client Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News—all from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest for the compliance professional.

  • DRC accuses Apple Sub of using conflict minerals. (BBC)
  • EY gets its first post-Wirecard Dax client. (FT)
  • Judge upholds bribery charge against Eric Adams. (NYT)
  • Indonesia offers fraudsters a chance to repent. (Bloomberg)

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Innovation in Compliance

Supply Chain and ESG – What You Need to Know: Episode 5 – Responsible Minerals, Supply Chain and ESG with Jared Connors and Daniel Zamora

 

Jared Connors and Daniel Zamora join Tom Fox in the final episode of the Supply Chain and ESG – What You Need to Know series, to discuss how market expectations have evolved with regards to due diligence in the responsible sourcing field.

 

 

Due diligence used to be a data collection exercise where you get transparency into your supply chain, but now it’s all about what you do with that information after you collect data – how a company can move from being reactive to being proactive. The first step to making this move is collecting data more efficiently; this allows you to have the resources in place to perform risk management within your supply chain. You need to know who’s on your supply chain, and you need to have a specific program in place to identify the risks of smelters.

 

Under the Biden administration, there has been a major focus on critical minerals when it comes to sanctions and regulations. Critical minerals are not specifically tied to the Dodd-Frank Act, but this focus has emphasized to stakeholders in the industry to be vigilant about them in general. Having an entity in your supply chain that is tied to a sanction puts you at risk no matter how direct or indirect that linkage is.

 

Resources

Assent

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The ESG Compliance Podcast

ESG Supply Chain Compliance with Travis Miller and Jared Connors


Assent Compliance’s Travis Miller and Jared Connors join us as they discuss their work in conflict minerals supply chains, how ESG compliance plays a role, what companies should do to interpret data and increase efficiency and recovery, and the future of risk management.
▶️ ESG Supply Chain Compliance with Travis Miller and Jared Connors:
Key points discussed in the episode:
✔️ Companies are starting to realize the significance of making a commitment to ESG through responsible sourcing.
✔️ Outsourcing usually occurs in the most regulated, most dangerous, and least profitable businesses.
✔️ Business continuity planning is crucial in risk management, more flexible disaster response, and efficient operations. Aside from environmental and social, risk is also a financial concern.
✔️ The most important letter of ESG is P – product, people, and policies. Middle-aged workers are the most vulnerable and highly targeted in inhumane business practices and violations.
✔️ Dig deeper into organizations and understand their commitments to mitigate and prepare for risk.
✔️ Non-financial risks are pressuring investor disclosures.
✔️ ESG is reorienting the global market and the world. Large-scale environmental and social scandals ruin reputation and business.
✔️ Educating the supply chain contributes to overall company efficiency and risk management.
✔️ Compliance toolkits should be utilized even outside the company. The legal space has become the ideal practice ground for compliance.
✔️ Companies should be proactive in detecting supply chain issues internally.
✔️ Translate technical speak to an executive language to gain interest from the C-level suite.
✔️ Assess supply chain maturity.
✔️Companies are now compelled to make a change due to their global influence. Consumers’ cries for environmental and social accountability are now heard – all thanks to social media.
Jared Connors is a senior subject matter expert on Corporate Social Responsibility at Assent Compliance, the worlds’ leader in supply chain data management.
His expertise involves achieving ESG goals by understanding and mitigating potential supply chain risk, the transition from CSR to ESG, how companies can take a holistic approach to ESG, and ESG-related regulations, such as those pertaining to human trafficking and slavery, conflict minerals, and anti-bribery, anti-corruption.
Travis Miller is General Counsel at Assent Compliance. He manages Assent’s worldwide legal activities, advises the Board of Directors on legal matters, and oversees corporate compliance, governance initiatives, and other commercial transactions. Before coming to Assent, he served in various high-level counsel positions with companies such as Microchip Technology, Foresite Group, and St. Jude Medical.
Resources
Assent Compliance on Twitter
Assent Compliance on LinkedIn
Jared on Linkedin
Travis Miller on Linkedin
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