Jared Connors and Daniel Zamora join Tom Fox in the final episode of the Supply Chain and ESG – What You Need to Know series, to discuss how market expectations have evolved with regards to due diligence in the responsible sourcing field.
Due diligence used to be a data collection exercise where you get transparency into your supply chain, but now it's all about what you do with that information after you collect data - how a company can move from being reactive to being proactive. The first step to making this move is collecting data more efficiently; this allows you to have the resources in place to perform risk management within your supply chain. You need to know who’s on your supply chain, and you need to have a specific program in place to identify the risks of smelters.
Under the Biden administration, there has been a major focus on critical minerals when it comes to sanctions and regulations. Critical minerals are not specifically tied to the Dodd-Frank Act, but this focus has emphasized to stakeholders in the industry to be vigilant about them in general. Having an entity in your supply chain that is tied to a sanction puts you at risk no matter how direct or indirect that linkage is.
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Innovation in Compliance with Tom Fox