To prepare you for a strong 2024 we’ve produced a briefing focused on improving your Due Diligence and Reporting. The message is simple: Planning ahead = more impact and better modern slavery statements.
For many commentators on the nature and effectiveness of the Act’s operation, the overall quality of modern slavery statements has become a bit like Groundhog Day.
This briefing outlines practical ideas and suggestions for organisations to get their modern slavery due diligence off to a good start in 2024.
If developed and implemented early, with clear and trackable month-by-month progress milestones, we are confident that the suggested approaches will help in achieving noticeably better reporting under the Act.
New Year’s Resolutions for Modern Slavery Due Diligence and Reporting
New Year’s Resolutions for Modern Slavery Due Diligence and Reporting
Planning Ahead = More Impact and Better Modern Slavery Statements
Overview
To prepare you for a strong 2024 we’ve produced a briefing focused on improving your Due Diligence and Reporting. The message is simple: Planning ahead = more impact and better modern slavery statements.
For many commentators on the nature and effectiveness of the Act’s operation, the overall quality of modern slavery statements has become a bit like Groundhog Day.
This briefing outlines practical ideas and suggestions for organisations to get their modern slavery due diligence off to a good start in 2024.
If developed and implemented early, with clear and trackable month-by-month progress milestones, we are confident that the suggested approaches will help in achieving noticeably better reporting under the Act.
Key points:
1. Planning ahead for impactful reporting
Many modern slavery statements require substantial improvements because of a lack of forward planning. Effective modern slavery due diligence takes time and resources and companies need to move beyond superficial measures like Supplier Codes of Conduct and focus on more in-depth due diligence activities that span multiple reporting periods.
2. Practical approaches for improvement
You will find the practical approaches to enhance your modern slavery due diligence, such as reviewing past statements, identifying major procurement decisions, developing multi-year plans, and focusing on supplier-specific activities. We show you how to set clear monthly milestones and prioritise a balanced mix of high, moderate, and low-risk measures.
3. External collaboration and risk assessment
The paper underscores the importance of external collaboration with stakeholders and industry organisations to strengthen modern slavery responses. It also emphasises the need to transition from general industry-level due diligence to supplier-specific activities. Additionally, it stresses the importance of keeping risk identification and assessment up-to-date and highlights the common repetition of this aspect in modern slavery statements.