<img src="https://certify.alexametrics.com/atrk.gif?account=b2hlr1ah9W20em" style="display:none" height="1" width="1" alt="">

modern slavery controls to practise in your companyOctober 29th 2016 marked the one year anniversary of the passing of The Modern Slavery Act in the UK.

The Act was brought in to protect vulnerable people worldwide, and to ensure large businesses across the UK carry out the necessary due diligence in their own company and supply chains to help combat modern slavery and human trafficking.

modern slavery controls to practise in your companyFor any company with an annual turnover of £36m or more, this bill will make it compulsory for it to have complete transparency of its supply chains they work directly with. The reason for this - under Section 54 of The Modern Slavery Act, large businesses are required to publish a Modern Slavery Act statement at the end of each financial year, covering both its own business and its supply chains.

Download our free modern slavery module and train your employees on the new law

However, since this legislation is a brand new one of its kind, many organisations may be asking themselves what modern slavery controls they should be taking to ensure compliance with this new law and eliminate modern slavery across their business.

Here are 6 modern slavery controls you should be practising in your company:

  • Train your staff to spot the signs of modern slavery inside the company and supply chain - This can be done by completing online training courses about modern slavery.
  • Identify the key risks within the region of your supply chains and be sure to know which products and services are more prone to slavery than others.
  • Request a copy of your suppliers' Modern Slavery statements and conduct audits on those falling into the high risk categories.modern slavery controls to practise in your company
  • Perform due diligence risk assessments on your own business and your global supply chain to identify the potential areas of exposure that may be common to worker exploitation. For example, geographic location.
  • Appoint a senior staff member to be responsible for risk assessments and compliance of the Modern Slavery Act 2015.
  • Be sure to review your existing corporate policies and update if needed.

 

Leave a comment

Tick

eBook: Essential Uncovered

Skillcast Essentials is our best-selling library and there's a reason for that. Essentials library provides comprehensive coverage of the key compliance / conduct issues that companies in the UK face today.

Download now

How to Manage the Compliance Personas in Your Company

Rory has no time for rules, especially the pointless ones that add a lot of work for no apparent benefit. When he encounters such rules, his first thought is to find a work-around. Andy doesn't mind ...

Read More
FCA Compliance News - November 2018

An overview of the most recent and upcoming changes to FCA guidelines for senior managers...   Regulatory Update The last six weeks have been a very busy time for the UK regulators, with both the ...

Read More
Compliance Essentials News - November 2018

This blog is dedicated to bringing you the news that touches the people dimension of regulatory compliance. It's not only about regulations, policies, procedures and systems. It's also about people, ...

Read More
Getting personal: five ways to engage staff with compliance training

It's an on-going struggle for most companies to engage their staff with compliance training. There's a constant stream of new regulations and tweaks to existing ones. And many of these require ...

Read More