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Dodd-Frank Act Compliance Management

The Dodd-Frank Wall Street Reform Act (Dodd-Frank or the Act), which was enacted in 2010 reaches far beyond financial institutions and few of its sections also apply to the oil and gas companies. Owing to the enormity of operations and the complex nature of the processes, many oil and gas companies generally operate in multiple countries and get to deal with governments, get involved in derivative trading and partner with multiple suppliers and distributors across borders. Such transactions lead to attract few sections of the Dodd-Frank Act into action. Most important of such sections that have considerable impact on oil and gas companies are:

MetricStream's Dodd-Frank Act Compliance Management Software Solution

  1. Section 1502: Conflict Minerals
  2. Section 1504: Foreign Government Disclosures
  3. Title VII: Derivatives and over-the-counter swaps

Dodd–Frank Section 1502 defines “conflict minerals” as cassiterite, columbite-tantalite, gold and wolframite, as well as their derivatives and other minerals that the U.S. Secretary of State may designate in the future. A legislation was passed that requires all the companies falling under this act to provide disclosures about the use of specified conflict minerals emanating from the Dominic Republic of Congo (DRC) and nine adjoining countries (Covered Countries). Conducting the required investigations is a daunting task for the companies, given the huge gap between sourcing and distribution. Adding to the complexity, supply chains in the energy sector are growing larger, more multi-tiered, and geographically spread out. This puts oil and gas companies under tremendous pressure to find resource-efficient, repeatable, and sustainable ways to track the source of potential conflict minerals in their products, and comply with appropriate disclosure laws.

The other section of Dodd-Frank Act, which is of concern for oil and gas companies is Section 1502. This mandates the SEC to issue a rule requiring issuers engaged in the commercial development of oil, gas or minerals to disclose the amount of payments by type, by project and by government annually. Thus, it becomes a challenge for companies with operations spread across different countries in being compliant to this regulation.

Hence, there was a need for a solution which could offer full range of services to help oil and gas companies in implementing a robust program for compliance with the Dodd-Frank Act.

MetricStream provides a solution with a full range of services to help oil and gas companies implement a robust program for compliance with Dodd-Frank Act. MetricStream’s teams of oil and gas industry experts and compliance experts carry out the groundwork for customers, and continue to support them at each stage of Dodd-Frank Act compliance management – right from crafting a strategy, managing supplier surveys and self-assessments, interfacing with suppliers for any questions or clarifications, infusing the knowledge about country laws, advising on best practices in payments to foreign governments and facilitate comprehensive reporting and analysis.

As with other MetricStream solutions, this solution also automates and streamlines the processes and compliance with the Fran-Dodd Act. The solution has a workflow that can be used to automate resource intensive tasks, enable real-time tracking of the compliance status. It also acts as a central repository of quality data that can be accessed at the organizational level, hence providing a central reference, more accountability, integration of data, functions, and suppliers in a single yet scalable framework. 

This solution goes beyond the obvious and also addresses other areas in oil and gas sector such as supplier risk management, supply chain audits, supplier perform management, and supplier compliance.


  • The solution implements a strong conflict minerals program that is based on industry best practices and designed to drive responsible sourcing
  • It relies on MetricStream to shoulder the resource-intensive supplier interaction, allowing organizations to focus on tracking, oversight, and decision-making
  • Facilitates a systematic, automated, and collaborative approach to managing various conflict minerals tasks, processes, and information
  • Identifies linkages between suppliers, products, processes, controls, and risks associated with conflict minerals in the supply chain
  • Establishes a single version of the truth across the enterprise, thereby enhancing traceability into conflict minerals management and compliance
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