This is 2018 blog, please research on updated
The compliance reporting services is a free, standardized reporting template developed by the Responsible Minerals Initiative to identify pinch points and collect due diligence information in the cobalt supply chain. The template was formally launched on December 21, 2018. RMI reviewed and integrated feedback from the pilot phase into CRT version 1.0.
To run a highly successful business in any industry, there’s an elaborate list of compliance’s that one needs to persistently follow. These compliance’s keep getting updated from time to time based on geographical conditions. Let’s take an example of the Automotive Industry. Amongst all others, the Automotive Industry manufactures highly complex products, and correspondingly has a complex supply chain. Each part used in the automobile puts forward a regulatory risk for suppliers as well as Original Equipment Manufacturers (OEM). By understanding the core impact of multiple supply chain layers, companies will be better equipped to combat such regulatory issues.
APA Engineering has proven its expertise in Conflict Minerals Compliance and many other industry compliance’s that are imperative for optimum operational functionality for any venture. The distinguished and well-experienced team of 70+ engineers in APA Engineering works with thousands of customers to assist them in the due diligence of any and all CMRT and CRT compliance’s. This has led to improved compliance metrics for all its customers.
Update: Conflict Minerals regulation will be applicable across the European Union (EU) from January 1st, 2021. Read our guide here
Conflict Minerals Reporting Template – An Extensive Overview
The Conflict Minerals Reporting Template (CMRT) came into existence in the year 2010, and was generated by the Responsible Minerals Initiative (RMI), which later became an industry-standard reporting template. CMRT assists companies in executing their due diligence to disclose information about their supply chains.
CMRT is applicable in a number of industries including Hi-Tech Electronics, Automotive, Construction, Energy, Industrial, and Medical.
What exactly does the CMRT encompass?
Companies traded on the US stock exchange market have to report the following:
- Does the company use conflict minerals (or metals refined from such minerals)?
- If yes: Did any of these materials originate in DRC or any adjoining country?
- If yes: The company has to provide a “conflict minerals report” describing all measures taken to avoid direct or indirect financing of conflict (including independent auditing results)
Do we see any future trends?
- With over 50% of cobalt being outsourced from DRC(Democratic Republic of Congo), there exist various issues on the lines of human and nature exploitation. By keeping an account of outsourcing through reporting, we can be positive in the near future that organizations and governments will take adequate measures to combat such radical issues.
- Many researchers are trying to find alternatives to the use of conflict minerals currently used in manufacturing. By putting in more effort and funding into research, we can eliminate the use of conflict minerals which in turn will have large scale positive impacts on planet earth.
- Constant improvements in conflict minerals reporting template reporting will ensure that organizations are accounted for the usage of minerals. Getting deeper insights into the supply chain of minerals will reduce the bureaucracy and corruption involved. This will be of utmost importance for a sustainable growth ahead.
Read More:- rohs compliance services
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