The UK Modern Slavery Act 2015 requires organisations to produce an annual slavery and human trafficking statement, detailing the steps they have taken to mitigate these risks in their business and supply chains.
If you carry out any part of your business in the UK and turnover more than £36M globally, the requirement applies to you.
Preparing your Modern Slavery Act statement.
The Act came into effect on 29 October last year, 2015. You’re required to file a statement for each financial year ending on or after 1 April 2016. Section 54.5, deals with Transparency in Supply Chains and the information your statement should report:
- your organisation’s structure, its business and its supply chains
- your policies, due diligence processes and staff training in relation to supply chain slavery and human trafficking
- the parts of your business and supply chains where there is a risk of slavery and human trafficking taking place, and the steps you’ve taken to assess and manage this risk
- your effectiveness in ensuring that slavery and human trafficking is not taking place in your business or supply chains, measured against appropriate performance indicators.
Preparing continuous monitoring.
Submitting a statement not only means investigating, auditing and reporting the current status of your supply chain. It means putting into place tools and systems that will enable you to monitor supplier performance, and your own performance in managing risk exposure, on an ongoing basis.
Protecting your good name.
The Act says that you must make your annual statement available on your website, and link to it from your homepage. Should you fail to do so, the UK Home Secretary could issue an injunction against you to force compliance. However, failing to publish a statement seems likely to be viewed as so damaging to corporate reputation, as to obviate the need for this action.
The information and help you need.
To prepare your statement you could need to investigate contractors, sub-contractors, suppliers and contracts to determine your level of risk or exposure, and to make plans for dealing with this.
As a UK based company specialising in compliance globally, LexisNexis Business Insight Solutions understands the Modern Slavery Act.
Our risk management and monitoring solutions help support you to:
- verify and document that slavery and human trafficking are not present in your business or supply chain
- identify where potential risk exists, and document the steps you’ve taken to assess and manage these
- monitor your supply chain on an ongoing basis via our media monitoring and analytics solution, LexisNexis Newsdesk, and help you measure and report the effectiveness of your strategy for ensuring your operations remain free of slavery and human trafficking.
Request a free consultation call.
Your corporate reputation and your compliance with regulatory standards depend on taking steps to understand and publish an annual statement on modern slavery and human trafficking.
To arrange a free consultation call, simply complete the form opposite.