Modern Slavery Due Diligence: Annual Reporting Requirements for Modern Slavery Act Compliance
Modern Slavery Due Diligence: Annual Reporting Requirements for Modern Slavery Act Compliance
In Australia, reporting criteria are mandatory. Reporting entities should review their supply chains and business processes now to ensure compliance. There are several pillars to the reporting requirements:
Organizational Structure:
Identify reporting entity and structure, operations, and supply chains.
Risk Identification:
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.
Collaboration:
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.
Unfortunately, many businesses in Australia may be unaware of supply chain risks related to slavery. While statistics suggest the incidence of slavery appears low, it is likely that this is simply a reflection of the low level of awareness. In reality, the actual incidence could be far higher. To that end, it’s critical for Australian businesses to achieve complete visibility into their supply chain and mitigate risks of slavery to the greatest possible degree.
CENTRL helps businesses in Australia by providing a one-stop solution for Modern Slavery Act Compliance. It has a platform that automates the current manual risk mitigation processes most companies use and offers automated workflows, pre-built assessment templates, grading scales and supplier portal to quickly identify risks, report on KPIs and manage issues.
Learn more about Modern Slavery Act here and if you want to know the dates required for compliance, check out Australia’s MSA - Key Obligation and Important Dates.