Every Company Should Use This Tool To Produce Their Modern Slavery Statement
Modern slavery is a serious issue that affects businesses worldwide. The International Labor Organisation estimates that over 50 million people around the world are victims of modern slavery. In recent years, supply chain transparency is a key policy strategy used by governments to identify and prevent business practices that lead to modern slavery.
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The core aim of these policies is to stop modern slavery practices being part of domestic operations or overseas supply chains for goods and services entering the respective countries. At the forefront of enacted legislation are Australia, UK, US, Canada, France, Germany, and Norway. The New Zealand government has also put forward draft legislation in early 2022.
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Modern Slavery Act 2018 (Cth)
The Modern Slavery Act 2018 in Australia is one of the world’s leading legislations for supply chain transparency aimed at combating modern slavery.
This act requires certain entities, including companies and other organisations, to report on the risks of modern slavery within their operations and supply chains. The act defines modern slavery to include practices such as forced labour, human trafficking, debt bondage, and child labour.
Reporting entities must submit an annual Modern Slavery Statement, detailing the steps taken to address and prevent modern slavery, and their due diligence processes. The act also established the Modern Slavery Reporting Requirement, which enhances transparency and accountability in supply chains. ​​
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Mandatory Reporting Requirements in Australia
To meet the mandatory reporting requirements in Australia, applicable organisations must respond to mandatory reporting criteria each year as part of their annual Modern Slavery Statement. Answering the reporting criteria requires a lot of knowledge of your organisation’s supply chain, and assessing your supply chain each year is the hardest part of producing the annual statement.
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The core aim of these policies is to stop modern slavery practices being part of domestic operations or overseas supply chains for goods and services entering the respective countries. At the forefront of enacted legislation are Australia, UK, US, Canada, France, Germany, and Norway. The New Zealand government has also put forward draft legislation in early 2022.
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The Modern Slavery Act 2018 in Australia is one of the world’s leading legislations for supply chain transparency, and an independent review of the UK Act made recommendations that would align the reporting requirements to what is used in Australia. Businesses need to keep on top of legislative requirements and implement a cost-effective solution to easily meet these requirements now, and in the future.