Case Study: Luxury Fashion Accessories Manufacturer achieves $3.7M annual savings and streamlined Dodd-Frank 1502 compliance with NAVEX IRM

Luxury Fashion Accessories Manufacturer Streamlines Compliance with Conflict Minerals

A luxury fashion accessories manufacturer and retailer with more than 1,000 global suppliers needed to comply with Dodd‑Frank Section 1502 and similar international rules requiring Reasonable Country of Origin Inquiries (RCOIs) and private‑sector audits. A manual approach to surveying suppliers, collecting data and preparing for audits was estimated to cost about $3.5 million annually and take six to 12 months, while exposing the company to public pressure for greater transparency.

The company implemented NAVEX IRM’s GRC platform—operational in six weeks—to centralize policies, bulk‑send multilingual RCOI surveys, automatically score responses, remediate findings and assemble audit evidence. The platform streamlined the compliance cycle (RCOI distribution and scoring in minutes), supported SEC reporting, made audits more efficient, and reduced annual compliance costs by up to $3.7 million while protecting the supply chain and brand.