Companies are under pressure to meet the requirements of the Modern Slavery Acts in Australia and the United Kingdom. Momentum is also growing for other G20 countries to adopt similar laws.
Australia's Modern Slavery Act is unique in many ways:
It requires covered companies to submit an annual report through an online, and publicly accessible, central government registry.
The report must explain what the company is doing to assess and address the risks of modern slavery practices in its operations and supply chains.
This report must be approved by the Board of Directors and signed by a director of the company.
The report is an annual exercise and expects "continuous improvements."
The first reporting deadline is only months away.
The compliance challenges presented by these modern slavery laws are substantial. It requires setting up an agile, scalable process for surveying hundreds of suppliers, assessing risks and managing remediation of issues.
CENTRL's Modern Slavery Compliance Platform is a purpose-built fully automated tool for companies to efficiently assess the risks presented by their suppliers on a recurring basis. It comes out-of-the-box with pre-built assessment templates, scoring frameworks, regulatory reports, and management dashboards. It requires little set-up and can be implemented quickly.
How CENTRL Helps Comply with the Modern Slavery Act
Modern Slavery Act Requirements
Risk Identification: risks of modern slavery practices in operations and supply chains.
Risk Assessments and Remediations: actions taken to assess and address modern slavery risks, including due diligence and remediation processes.
Key Performance Indicators: Explain process for assessment of effectiveness of actions taken to assess and address modern slavery risks.
How CENTRL Helps Comply With MSA
Automated workflow for assessing risk in operations and suppliers
Pre-built templates designed for modern slavery risk
Automated scoring to generate risk KPIs
Automated identification of issues
Full workflow to track issue status and remediation
Automate year-over-year assessments
Implement system in days with no IT investment
Solution can be deployed in as little as 2-3 days
Can be used stand-alone or integrated with internal systems
Use Pre-built Modern Slavery Act Templates & Workflows
Start with pre-built Assessment templates for Modern Slavery Compliance
Modify as needed in easy-to-use questionnaire editor
Bulk publish Assessments to hundreds of suppliers at once or schedule for future dates
Automate year-over-year changes with pre-populated prior year responses
Track completion status in dynamic dashboards
Automated reminders to suppliers
Auto-score Supplier Responses & Build Risk Map
Pre-built grading scale designed for Modern Slavery risk assessment
All multiple choice and Y/N answers automatically graded
Centralized repository of all evidence documents
Full audit trail of all actions
Identify Key Gaps & Manage Remediation
Identify issues based on supplier responses
Rate issue severity and suggest remediation plan
Publish issues back to supplier
Track issue progress and remediation
Auto-Generate Compliance Reports & Dashboards
Pre-built dashboards for modern slavery KPIs
See supplier risk scores by criticality and other dimensions
View cross-supplier scores and over time
Drill down capability to see details
Auto-generate formatted reports for internal and external audience
Provide Suppliers With Easy-To-Use portal To Respond
Suppliers invited to respond to questionnaire in easy-to-use portal
Suppliers can upload documents, review answers, and submit
Suppliers only respond to changes from year-to-year
Suppliers can Internally delegate questions as needed
Featured Partner :
Annual Reporting Requirements
Identify reporting entity and structure, operations, and supply chains.
Identify risks of modern slavery practices in operations and supply chains.
Risk Assessments and Remediations :
Explain actions taken to assess and address modern slavery risks, including due diligence and remediation processes.
Key Performance Indicators :
Explain process for assessment of effectiveness of actions taken to assess and address modern slavery risks.
Describe cooperation with any entities owned or controlled by reporting entity.
Additional Information :
Provide any other relevant information, such as updates on a modern slavery risk identified in a prior report or participation in external forums to improve awareness about modern slavery.
Australia's Modern Slavery Act - Key Obligation and Important Dates
Original deadline for submission of modern slavery statement
New extended deadline for submission of modern slavery statement
January 1, 2019 - December 31, 2019 (Calendar Year)
June 30, 2020
September 30, 2020
April 1, 2019 - March 31, 2020 (Foreign Financial Year)
September 30, 2020
December 31, 2020
July 1, 2019 - June 30, 2020 (Australian Financial Year)
December 31, 2020
March 31, 2021
Reporting periods ending after June 30, 2020.
The six-month deadline for reporting periods ending after June 30, 2020 remains unchanged.
Consequences of Non-compliance
Although there are no financial penalties for noncompliance, the Australian government has the power to publicly name entities that fail to comply and can require noncompliant entities to take remedial action to ensure compliance, including requiring an entity to provide or revise a statement.
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