21 July, 2023
ComplianceXL has signed a contract with a US-based manufacturer of engineered products for industrial, commercial, and consumer markets worldwide. Under the multi-year blanket agreement, ComplianceXL will provide CMRT support services for their entire supply chain.
An engineering leader serving a variety of end markets around the world, including industrial, commercial, and consumer markets, the client manufactures engineered products. Due to its global sales footprint, the client must ensure compliance with all major regulatory demands. Therefore, the client must maintain high standards of quality and safety. This system is regularly monitored and updated to ensure compliance with the latest regulations.
The Conflict Minerals program by ComplianceXL will include supplier engagement strategy, CMRT collection, and validation, generating roll-up reports, a software platform to store all CoCs, and report submission. Therefore, the client will be able to manage complex products, markets, and supply chain networks while reducing CMRT reporting costs and time to market.
Highlights of the engagement:
- As part of this engagement, ComplianceXL will assign a Senior Compliance Consultant to provide Conflict Minerals Reporting consulting services. The consultant will analyze data, discuss best practices, escalate, advise, and recommend Form SD and CMR reporting. In addition, the consultant will answer any specific CMR-related questions the client may have.
- At the organizational level, Compliance XL will validate suppliers’ CMRTs and clarify questions about CMRT requirements. Analysts will clarify any questions suppliers have regarding the requirements for CMRTs. They will also ensure that suppliers comply with all compliance directives, rules, and regulations.
- The compliance process includes Data Collection through , web sourcing or direct engagement with suppliers, validate suppliers’ responses in relation to the compliance directives and the compliance requirements.
- A compliance program is implemented to help the client improve supplier responses, maximize coverage, and reduce the costs and time associated with implementing such a program. It also helps ensure that the supplier is compliant with all laws and regulations, as well as internal policies and procedures. This protects the company from potential legal and financial risks.
- It is the responsibility of the compliance specialist to train clients on how to use the compliance platform. He will generate reports for them to familiarize themselves with the platform. The compliance specialist will provide guidance on best practices and ensure that all clients understand the regulations. They will also help clients develop strategies to meet their compliance needs. Finally, they should monitor platform usage to ensure all requirements are met.
According to CK Bharathan, Head of Compliance Solutions at ComplianceXL, this engagement will allow the client to manage compliance documentation effectively. As a result of this partnering, the client can streamline regulatory compliance management, ensuring seamless compliance with all applicable regulations.In addition, this engagement will provide them with the tools to monitor and enforce compliance requirements within the organization.