Businesses of all types and sizes should develop a deeper understanding of their organisation and supply chains to identify risks of modern slavery.
The Modern Slavery Act 2018 (Cth) (the "Act") requires reporting entities (and those that report voluntarily) to lodge a ’modern slavery statement’ prompting the identification of modern slavery risks in their organisation and supply chains.
Do you need to submit a modern slavery statement?
- Did your organisation, or related entities, carry out business in Australia within the reporting period?
- Does your organisation have annual consolidated revenue of $100 million (AUD) or more?
If so, yes you MUST lodge a modern slavery statement.
If not, while you are not required to formulate and lodge a modern slavery statement for a reporting period, it is likely your organisation is in the supply chains of organisations that are required to lodge. Due to the Act requiring reporting entities to investigate their organisation and supply chains, the compliance obligations of reporting entities will be pushed down supply chains prompting non-reporting organisations to incorporate similar compliance measures.
How Cowell Clarke’s Modern Slavery Compliance Portal can assist
We have developed a Modern Slavery Compliance Portal to assist reporting entities to comply with the Act by streamlining the identification of modern slavery risks in their organisation and supply chains. In addition, the Modern Slavery Compliance Portal was developed to deliberately integrate compliance with certain mandatory reporting criteria required in modern slavery statements including:
detail of the reporting entity’s structure, operations and supply chains;
- description of the risks of modern slavery practices in the entity’s operations and supply chains;
- description of the actions taken to assess and address these risks including due diligence and remediation processes; and
- description of how the reporting entity assesses the effectiveness of the actions taken.