A Luxury Fashion Accessories Manufacturer Streamlines Compliance with Conflict Minerals
公司规模
1,000+
地区
- America
国家
- United States
产品
- NAVEX IRM
技术栈
- Integrated Risk Management
- Compliance and Audit Management
实施规模
- Enterprise-wide Deployment
影响指标
- Brand Awareness
- Cost Savings
技术
- 应用基础设施与中间件 - 数据交换与集成
适用行业
- 零售
适用功能
- 采购
- 质量保证
用例
- 监管合规监控
- 供应链可见性(SCV)
服务
- 数据科学服务
- 系统集成
关于客户
The customer is a luxury fashion accessories manufacturer and retailer. They source raw materials from around the world to manufacture their products. The company works with over 1,000 suppliers globally, making it a significant player in the luxury fashion industry. The company is subject to various regulations, including Dodd-Frank Section 1502, which requires public companies to disclose annually whether conflict minerals exist in their supply chains. If so, companies must report on due diligence efforts and conduct a private sector audit. The company's operations are complex and extensive, requiring a robust and efficient system to manage compliance and audits.
挑战
The luxury fashion accessories manufacturer and retailer faced a two-fold challenge. Firstly, they had to comply with Dodd-Frank Section 1502 and similar international regulations that require public companies to disclose annually whether conflict minerals exist in their supply chains. If so, companies must report on due diligence efforts and conduct a private sector audit. This was a daunting task for the company as it worked with over 1,000 suppliers around the world, making it difficult to know which, if any, were sourcing conflict minerals. The second challenge was the public pressure on organizations for transparency. Meeting compliance and audit requirements mandated by Section 1502 would cost around $3.5 million annually and take six to 12 months to complete.
解决方案
The manufacturer and retailer selected NAVEX’s governance, risk management, compliance (GRC) platform, NAVEX IRM, to bring efficiency and cost savings to its Dodd-Frank 1502 compliance effort. The company’s conflict minerals compliance program was up and running in just six weeks. One of the major 1502 compliance challenges is sending, receiving and scoring the Reasonable Country of Origin Inquiry (RCOI) survey to suppliers on their use of conflict minerals. The company’s compliance team was able to use NAVEX IRM to bulk distribute a multilingual assessment to 1,000 suppliers in minutes. Completed assessments were received and automatically scored in NAVEX IRM, which avails the team more time for risk strategy. Applying a manual assessment process to the RCOI survey, along with data collection and supplier analyses, would have cost the fashion retailer $3.5 million annually. After answers on supplier assessments are scored, any findings are singled out for remediation while high-risk suppliers are assessed more frequently. NAVEX IRM enables the company the flexibility to establish the threshold for risk beyond compliance requirements.
运营影响
数量效益
Case Study missing?
Start adding your own!
Register with your work email and create a new case study profile for your business.
相关案例.
Case Study
Improving Production Line Efficiency with Ethernet Micro RTU Controller
Moxa was asked to provide a connectivity solution for one of the world's leading cosmetics companies. This multinational corporation, with retail presence in 130 countries, 23 global braches, and over 66,000 employees, sought to improve the efficiency of their production process by migrating from manual monitoring to an automatic productivity monitoring system. The production line was being monitored by ABB Real-TPI, a factory information system that offers data collection and analysis to improve plant efficiency. Due to software limitations, the customer needed an OPC server and a corresponding I/O solution to collect data from additional sensor devices for the Real-TPI system. The goal is to enable the factory information system to more thoroughly collect data from every corner of the production line. This will improve its ability to measure Overall Equipment Effectiveness (OEE) and translate into increased production efficiencies. System Requirements • Instant status updates while still consuming minimal bandwidth to relieve strain on limited factory networks • Interoperable with ABB Real-TPI • Small form factor appropriate for deployment where space is scarce • Remote software management and configuration to simplify operations
Case Study
How Sirqul’s IoT Platform is Crafting Carrefour’s New In-Store Experiences
Carrefour Taiwan’s goal is to be completely digital by end of 2018. Out-dated manual methods for analysis and assumptions limited Carrefour’s ability to change the customer experience and were void of real-time decision-making capabilities. Rather than relying solely on sales data, assumptions, and disparate systems, Carrefour Taiwan’s CEO led an initiative to find a connected IoT solution that could give the team the ability to make real-time changes and more informed decisions. Prior to implementing, Carrefour struggled to address their conversion rates and did not have the proper insights into the customer decision-making process nor how to make an immediate impact without losing customer confidence.
Case Study
Digital Retail Security Solutions
Sennco wanted to help its retail customers increase sales and profits by developing an innovative alarm system as opposed to conventional connected alarms that are permanently tethered to display products. These traditional security systems were cumbersome and intrusive to the customer shopping experience. Additionally, they provided no useful data or analytics.
Case Study
Ensures Cold Milk in Your Supermarket
As of 2014, AK-Centralen has over 1,500 Danish supermarkets equipped, and utilizes 16 operators, and is open 24 hours a day, 365 days a year. AK-Centralen needed the ability to monitor the cooling alarms from around the country, 24 hours a day, 365 days a year. Each and every time the door to a milk cooler or a freezer does not close properly, an alarm goes off on a computer screen in a control building in southwestern Odense. This type of alarm will go off approximately 140,000 times per year, equating to roughly 400 alarms in a 24-hour period. Should an alarm go off, then there is only a limited amount of time to act before dairy products or frozen pizza must be disposed of, and this type of waste can quickly start to cost a supermarket a great deal of money.
Case Study
Supermarket Energy Savings
The client had previously deployed a one-meter-per-store monitoring program. Given the manner in which energy consumption changes with external temperature, hour of the day, day of week and month of year, a single meter solution lacked the ability to detect the difference between a true problem and a changing store environment. Most importantly, a single meter solution could never identify root cause of energy consumption changes. This approach never reduced the number of truck-rolls or man-hours required to find and resolve issues.
