Modern Slavery Act - what does it mean for your business?
Everyone remembers the public outcry when Primark was exposed for using cheap labour in their supply chain, as well as not providing safe working conditions.The reputation of a business can be shattered in an instant if they do not follow the level of ethical behavior that society now expects or their legal requirements. Organisations need to ensure that they are ready to embrace the changes required of them by 1st April 2016 laid down by The Modern Slavery Act 2015.
The Human Rights Organisation has applied pressure to businesses in recent years, the result being the introduction of The Modern Slavery Act. Any business with a turnover of £36m or more will now need to report annually on the steps they have taken during the financial year to ensure that slavery and human trafficking are not taking place in their business or supply chain. It is vital that they enhance their supply chain management and do not hide their production processes from the outside world.
Sutton Winson recommends a 6 point Risk Management action plan.
Sutton Winson has a dedicated Risk Management team helping companies enhance their business resilience. If you would like to talk to us about how we can help you navigate through the new obligations, please contact Martin on martin.coppard@swib.co.uk
Category: Commercial Insurance
