The Modern Slavery Act is mainly focused on modern slavery risks and mitigation strategies within supply chains. The Reporting Requirement supports the Australian business community to identify and address their modern slavery risks and maintain responsible and transparent supply chains.
Entities required to comply with the Reporting Requirement must prepare detailed annual Modern Slavery Statements setting out their actions to assess and address modern slavery risks in their operations and supply chains. This includes a range of matters including actions taken by the entity to assess and address risks of Modern Slavery in its operations and supply chains (including due diligence and remediation processes) and how the entity assesses the effectiveness of such actions to address the risks.
Organisations will invariably determine their own strategy by developing action plans for their business divisions and implementing sanctions as required. Businesses should obtain their own legal and compliance advice on their reporting obligations.