What are the key components to developing a holistic Modern Slavery Act compliance program?
There are 5 broad components to building a complete MSA Compliance program:
- Establish an overall governance and oversight program with formal policies and procedures, training programs, whistleblower hotlines, etc.
- Assess the risks in your internal operations. Identify key stakeholders and conduct a formal assessment of the risks in those operations and understand and remediate identified risk.
- Assess the risks in your external supply chains. This may be the most time-consuming part of your compliance program because it involves conducting assessments on all your local, national, and global suppliers and assessing the risks in those suppliers and understanding and remediating identified risks.
- Prepare a formal report each year that addresses key aspects of your program and file the report in the public registry by the applicable deadline.
- Put in place a strategic plan and program of ongoing improvements.
CENTRL offers a Step-by-Step Guide for MSA Compliance to help you meeting the requirements of Australia’s Modern Slavery Act. This guide is available to all subscribers.