Once I submit my company’s first modern slavery statement to the Australian government, what key elements do I need to put in place to ensure that my company maintains an ongoing compliance program?
The Australian government expects to see continuous improvement from all reporting entities. As such, compliance is not a “one and done” exercise. Your company will not be able to reuse its prior modern slavery statements in subsequent reporting years. Your company’s modern slavery statements improve in quality and demonstrate progress over time as your company increases its understanding of the unique and evolving modern slavery risks in its operations and supply chains. To meet this expectation of a “race to the top,” companies should embed a long-range view of compliance into their programs and strive for and document their continuous improvement from a good to better to best program.