Compliance data: is there ever enough? Is there sometimes too much? Is some data more valuable and necessary than other data? Is there noise disguised as critical information that serves only to add chaos to an already complicated process? Decision making is difficult without the right people; dysfunctional without the right processes; and down right risky without the right information. For instance, the traceability and origin of materials is a key data stream necessary to: accurately file required information (for example, on conflict minerals); validate responsible sourcing claims in countries with established fair labour practices or anti-corruption laws; qualify for exemptions to existing regulations; and achieve eligibility for trade preferences (such as Nafta tariffs). Filing incorrect disclosures, making false claims, or receiving exemptions or trade preferences based on incorrect or incomplete information can have host of negative impacts including regulatory agency audits, organisational and brand damage, revocation of exemptions and preferences and financial penalties.
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