Modern slavery: is your business ready to respond?
Modern slavery: is your business ready to respond?
Australia’s Modern Slavery Act 2018 (Cth) requires entities with an annual revenue of $100m to publicly report on how they are managing the risk of modern slavery in their operations and supply chains. New South Wales has also introduced legislation for companies with annual turnover above $50m.
Each entity is unique. Modern slavery related risks will depend on the sector, geographical reach and the work already done to assess and address human rights impacts.
The more complex your business operations, the more important it is to get ready now.
KPMG's Human Rights & Social Impact team has put together guidance to help you understand the requirements of the impending mandatory modern slavery reporting requirements and the risks it may expose for your organisation.
KPMG’s publication covers these key areas:
- Getting ready for Australia’s modern slavery reporting requirements
- Risks to business – What is your business risk exposure?
- Understanding modern slavery – Practices, key risk factors and prevalence
- Compliance with Australian modern slavery legislation
– Mandatory reporting and board accountability
– Will my entity need to report?
– Mandatory reporting criteria
– Do I need to report on all my entity’s activities?
– What are the key requirements in the NSW Act? - Am I ready to respond?
– What does my business need?
– What practical steps should I take to get ready?
– How do I identify my modern slavery risks?
Further assistance
Contact our specialist business and human rights team to discuss your organisation's modern slavery reporting readiness.
©2021 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.
Liability limited by a scheme approved under Professional Standards Legislation.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.
