Corporate human rights reporting in Australia has changed.
The Modern Slavery Act 2018 (Cth) makes boards responsible for public statements about their entities’ efforts to assess and manage the risk of modern slavery in their operations and supply chains. More importantly, it has triggered an increase in stakeholder expectations around human rights and is influencing major business decisions in terms of investment, partnership or procurement.
The financial services sector faces an elevated risk of modern slavery within its operations and supply chains as a result of intersecting factors, including:
The financial sector’s connection with every sector and industry means it has a pivotal role to play in combating modern slavery in Australia and globally. Taking a rights-based approach to addressing modern slavery means placing ‘risks to people’ at the heart of your response. We hope this guidance will provide inspiration to the sector to work together to find innovative solutions to address this pressing human rights issue.
KPMG Australia and the Australian Human Rights Commission have collaborated to bring you ‘Financial Services & Modern Slavery’, a practical guide to:
Over the coming months, KPMG and the Australian Human Rights Commission will release a series of sector-specific guides.