Modern Slavery Act Reporting: Who Qualifies and What You Get
Large businesses in Australia must report on human rights risks within their supply chains to ensure transparency and ethical practices.
This scheme requires large businesses to publish a formal statement detailing how they identify and manage the risks of modern slavery within their operations and supply chains.
Who it's for
This applies to entities that have a consolidated revenue of over $100 million.
What you get
You are required to provide mandatory reporting regarding human rights risks found within your supply chains. This process is designed to increase transparency across various industries.
What it costs you
Compliance requires a significant administrative effort. You will need to invest time and resources into mapping your entire supply chain to identify potential risks.
The catch to know
Many businesses make the mistake of only auditing their direct, tier-one suppliers. To be truly compliant, you must look deeper into your supply chain beyond just your immediate partners.
How to apply
- Conduct a thorough audit of your supply chain to identify human rights risks.
- Prepare a Modern Slavery Statement based on your findings.
- Submit your reporting through the official government register.