SAN FRANCISCO, Calif., 22 July 2013 — Locus Technologies (Locus), the leader in cloud-based environmental compliance and information management software, has introduced the conflict minerals module to its comprehensive SaaS platform. The conflict minerals module will provide companies with the tools necessary to comply with section 1502 of the Dodd-Frank Act, the new conflict minerals regulations adopted by the U.S. Securities and Exchange Commission (SEC).
Locus developed the new module to help companies oversee their use of conflict minerals such as gold, tin, tantalum, and tungsten more easily through a thorough checklist and through interactive mapping functionality. The module serves as a centralized point of reference through which companies can track, manage, and aggregate information from their suppliers about conflict minerals by product, division, or business unit. The module will make the due diligence and reporting obligations that accompany this new ruling less expensive and time-consuming. It will also support the audit capabilities as required by law.
“We recognized the burden being placed on certain customers when the conflict minerals ruling was finalized, and saw an opportunity for Locus to help. Performing conflict minerals reporting through spreadsheets or home-built systems for a large Fortune 100 company can easily consume the time of more than 10 full-time employees,” said Neno Duplan, President and CEO of Locus. “Locus is continuously striving to stay on top of new rules and regulations, and the web-based, multi-tenant architecture of our software solutions allow us to easily add new functionality and updates to our state-of-the art cloud platform. By introducing this new module, we hope that complying with the SEC’s conflict minerals rule will no longer be such a daunting and expensive task.”
The U.S. SEC finalized this conflict minerals ruling in August 2012. The rule requires companies to publicly disclose their use of conflict minerals that originate from the Democratic Republic of Congo or its adjoining countries. Locus’ Conflict Minerals module will be available to both new and existing customers in fall 2013 and could be used to facilitate the current year filings.