The MetricStream solution will enable a streamlined and efficient approach to managing the company's supply chain, audits, ethics and social compliance, sustainability, and conflict minerals programs
PALO ALTO, Calif., March 8, 2013 /PRNewswire/ — One of the world's largest and most admired consumer electronics companies has chosen MetricStream to manage their supplier governance, sustainability, and corporate social responsibility (CSR) programs.
The MetricStream solution will enable enhanced supply chain governance by consolidating all supplier information into a single system, enabling continuous compliance monitoring and audits across the supply chain, and improving visibility into supplier risks, financial health, performance, and other critical supplier data. The solution will also strengthen the organization's commitment to corporate social responsibility and sustainability initiatives by streamlining social compliance audits, tracking trade compliance, managing conflict minerals assessments and reporting, and enhancing collaboration with suppliers around corrective and preventive actions.
As one of the largest consumer electronic brands, the company has an extensive supply chain comprised of thousands of suppliers around the world. As the organization continues to increase the number of its product lines and business units, as well as enter into new markets, the complexity around managing their global supply chain has increased exponentially, leading to multiple tiers of suppliers, supplier information silos, and data duplication, all of which drives the need for greater top-level visibility into broader supplier risks and compliance. In addition to supporting the entire vendor onboarding process and self-certification by suppliers across multiple tiers, the MetricStream solution will also automate the process of supplier risk assessments across financial, sustainability, concentration, geographical, and other risk areas to enable the company to better manage the entire gamut of risk, compliance, audits, and performance management across their suppliers.
The consumer electronics company conducts frequent and comprehensive audits to monitor their suppliers' compliance with Code of Conduct requirements around employee health and safety, labor and human rights, working hours, and ethics. The MetricStream solution will simplify and strengthen their audit management programs using the solution's capabilities around configurable audit scoring methodologies, automatic alerts, and real-time tracking of audit processes and corrective actions. The solution will also facilitate audits for compliance monitors and suppliers by enabling auditors to define each audit plan, scope, methodologies, templates, metrics, and schedules. In addition, the solution's compatibility with tablets and other handheld devices enables auditors to seamlessly collect audit data, make observations, and take pictures as they tour each supplier facility.
Using the solution, the organization's suppliers, compliance monitors, and social compliance auditors will be able to collaborate and more accurately identify potential risks in advance, as well as implement the necessary corrective and preventive actions. They will also increase the efficiency of their assessments around tracking supply chain compliance with Customs Trade Partnership against Terrorism (C-TPAT) based on multiple security criteria.
By mid-2013, Section 1502 of the Dodd-Frank Act requires all U.S. companies that use minerals originating in or near the Democratic Republic of Congo (DRC) to file a conflict minerals report. The MetricStream solution will provide a single and centralized framework to efficiently manage the company's conflict minerals programs and assessments across their diverse network of global suppliers, automatically route information for attestations and representations, and generate the required regulatory reports. The solution will also integrate with information sources such as the EICC Conflict Free Smelter list and Conflict Minerals Company Rankings list, and will trigger alerts when periodic updates occur.
In line with the organization's sustainability requirements, the solution will also help streamline supplier self-assessments as well as monitor compliance with policies around Greenhouse Gas Emissions (GHG), water quality and waste water management, hazardous waste management, and recycling.
With technology evolving at an extremely rapid pace, consumer electronics and high-tech organizations are facing a growing demand for more innovative and advanced devices. Maintaining quality and fostering customer loyalty requires that organizations effectively manage all of their supplier risks, ensure compliance with complex regulations, and meet their performance and growth objectives. To that end, leading organizations are building integrated and transparent supplier governance programs, enabled and fully supported by MetricStream solutions.
MetricStream is a market leader in Enterprise-wide Governance, Risk, Compliance (GRC) and Quality Management Solutions for global corporations. MetricStream solutions are used by leading corporations such as UBS, P&G, Constellation Energy, Pfizer, Philips, BAE Systems, Twitter, SanDisk, Cummins and Sonic Automotive in diverse industries such as Financial Services, Healthcare, Life Sciences, Energy and Utilities, Food, Retail, CPG, Government, Hi-tech and Manufacturing to manage their risk management programs, quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as several million compliance professionals worldwide via the www.ComplianceOnline.com portal. MetricStream is headquartered in Palo Alto, California and can be reached at www.metricstream.com.
Mr. Vinay Bapna