News Feed Item

GTKonnect Software to Help Companies Comply with New SEC Conflict Minerals Rule

GTKonnect module helps companies comply with SEC Conflict Minerals Rule filing, going into effect this May, by automating origin inquiries, risk assessment and reporting

IRVINE, Calif., April 7, 2014 /PRNewswire-iReach/ -- Netwin Solutions, Inc., a premier provider of integrated Global Supply Chain Security and Trade Management (GTM) solutions and the company powering GTKonnect suite, has announced the launch of a new software module that will help companies comply with the new SEC Conflict Minerals Rule filing going into effect for all publicly-held companies in the United States starting May 31.

(Photo: http://photos.prnewswire.com/prnh/20140407/MN98848)

GTKonnect's new Conflict Minerals Module will help companies simplify the process for analyzing the origin of minerals – such as tantalum, tin, tungsten and gold (or "3TG") – used in their products and report if they have originated in "conflict" countries. These countries include the Democratic Republic of the Congo, where armed groups engaging in mining operations are believed to subject workers to human rights abuses and to be financing regional conflicts.

The goal of the SEC Conflict Minerals Rule Filing (Dodd–Frank Section 1502) is to provide transparency into corporate practices and reduce funding to groups involved in these violations in the Democratic Republic of the Congo and adjoining countries. U.S. companies must show reasonable care in sourcing these minerals for products from groups that are not funding these violations or source them from other non-conflict regions.

However, reporting on this information offers a new challenge for many U.S. companies. The minerals in question are found in thousands of products, ranging from cell phones and laptop computers to watches, apparel, golf clubs and hearing aids. Roughly 275,000 private companies that are part of the issuers' supply chains are expected to be affected.  Many companies will need to spend considerable time and research determining which products include these "conflict" minerals, as well as communicating with their suppliers to perform reasonable country of origin inquiry.

The new GTKonnect Conflict Mineral Compliance module – built on the foundation of GTKonnect SCPM – is designed to help companies efficiently manage the reasonable country of origin inquiry and also do additional research on the region where the materials originated to authenticate the results of the inquiry. The module enables import managers to maintain parts-suppliers data at the level required to manage conflict minerals compliance, which may be different from a company's standard Bills of Material.  Additional features include:

  • Ability to create and maintain different 'product-chains' to link suppliers to end products and include analysis reports on conflict minerals.
  •  Automate the request for information from vendors, follow-up action items and plans
  • User defined questionnaires.
  • Ability to perform region based origin assessment.
  • Automatic alerts and reminders for overdue testing, inquiry and verification results.
  • Risk Assessment, including the ability to assess partner vulnerability risk and take necessary action to comply with conflict minerals regulations.
  • Create and manage certificate templates that can be received, stored and used for audit purposes.
  • Complete reporting and history tracking.

 "Conflict minerals reporting is coming up right around the corner and will be a huge undertaking for many U.S. companies," said Anand Raghavendran, president and CEO of Netwin. "Gaining this insight into the source of goods is essential for businesses.  Companies that do not comply can be audited by the government or suffer negative consumer sentiment, which could be very costly and damaging to their reputation. By automating this process through technology, companies can more easily gain, track and report on the insight they need, as well as save a lot of time and money."

The GTKonnect Conflict Mineral Compliance module is currently available.  For more information visit http://www.gtkonnect.com/conflictminerals.html#.

About GTKonnect/Netwin Solutions
Netwin Solutions is a premier provider of integrated global trade management software solutions through its GTKonnect suite.  GTKonnect is the application platform of choice for growing numbers of Fortune 500 organizations involved in global trade. With GTKonnect's integrated supply chain management platform, organizations automate and simplify trade compliance, minimize fines and audits, and gain real-time visibility and tracking of information throughout the life of transactions. GTKonnect is scalable and available in hosted or in-house modules designed to solve every global trade need.  Its solutions are built on the latest technology, including web technologies (HTML, XML, C#, .NET) and service-based architecture, and are designed to integrate and share date with enterprise resource planning and other systems. Clients include Alcoa, Carisam, Kyocera, Volkswagen, Mitsubishi Motors, Subaru, Mattel, DFS and others. GTKonnect is online at www.gtkonnect.com

Media Contact: Hilary McCarthy, Zenzi, 508-829-2543, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE GTKonnect/Netwin Solutions

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial C...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
To Really Work for Enterprises, MultiCloud Adoption Requires Far Better and Inclusive Cloud Monitoring and Cost Management … But How? Overwhelmingly, even as enterprises have adopted cloud computing and are expanding to multi-cloud computing, IT leaders remain concerned about how to monitor, manage and control costs across hybrid and multi-cloud deployments. It’s clear that traditional IT monitoring and management approaches, designed after all for on-premises data centers, are falling short in ...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
With privacy often voiced as the primary concern when using cloud based services, SyncriBox was designed to ensure that the software remains completely under the customer's control. Having both the source and destination files remain under the user?s control, there are no privacy or security issues. Since files are synchronized using Syncrify Server, no third party ever sees these files.
"We are an integrator of carrier ethernet and bandwidth to get people to connect to the cloud, to the SaaS providers, and the IaaS providers all on ethernet," explained Paul Mako, CEO & CTO of Massive Networks, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
I believe that this may finally be the year that the CIO role ‘crosses the Rubicon,' leaving behind its traditional, IT-focused orientation. But I don't believe that either of the previous predictions of this outcome — fading into oblivion or rising to a business executive level — is correct. Instead, I think this is the year that we will see the role of the CIO transformed into something altogether different.
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
"Calligo is a cloud service provider with data privacy at the heart of what we do. We are a typical Infrastructure as a Service cloud provider but it's been designed around data privacy," explained Julian Box, CEO and co-founder of Calligo, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"NetApp is known as a data management leader but we do a lot more than just data management on-prem with the data centers of our customers. We're also big in the hybrid cloud," explained Wes Talbert, Principal Architect at NetApp, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.