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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.
© 2020 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Liability limited by a scheme approved under Professional Standards Legislation.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
