Running a successful Modern Slavery risk and compliance programme goes so much further than just filing an annual Modern Slavery Statement.
To stay on the right side of the law, remain in the public’s good graces and – most importantly – actively fight human rights abuses, your business needs a strategy for managing third party due diligence and oversight. However, navigating the complexity of today’s supply chains can be a huge drain on resources. This is especially true during a pandemic, when risk and compliance budgets are often stretched to breaking point.
One way to address these challenges is to opt for a compliance automation solution that can efficiently and accurately identify the risk of modern slavery practices occurring in your business operations and supply network, as well as demonstrate what you are doing to mitigate these risks.
With innovative technology working alongside your team (or the compliance experts you outsource to assist you), it’s far easier to screen for, identify and mitigate the risks that are so easily concealed in complicated or opaque supply chains.
Here are five ways automation can benefit your organisation:
1. Save time
By automatically assessing third party suppliers and contractors, as well as generating due diligence reports for your Modern Slavery Statements, a compliance automation solution removes paperwork and manual data processing. The result? your team wins back time for third-party relationship management, strategic decision-making and many other critical activities.
2. Elevate accuracy
Automation removes the need to manage paper or electronic documents, and transfer data manually between systems. With an automated solution that keeps your compliance information updated with live data links in one single source of truth, there’s no opportunity for human error to creep in and compromise data quality.
3. Improve control
Managing all your compliance data in one place improves oversight and control. You have clear visibility over your compliance processes and data. Also, because every step is logged by the automated system itself, you have a digital audit trail that helps you to provide proof of compliance as and when needed.
4. Increase agility
With the right compliance automation solution in place, you can quickly screen new contractors or suppliers, in order to pivot in response to a crisis or seize an opportunity, without slowing business down. When processes are digitised and automated, it’s also easier to adapt to new compliance requirements as the regulatory climate evolves.
5. Build resilience
The fight against Modern Slavery practices is a critical one, but it’s not the only risk area that your organisation must manage. Automation can help you to expand your due diligence, monitoring and reporting capabilities, so you are prepared to manage current and emerging risks with confidence.
Choosing the right compliance automation solution
Partner with iPRO and you’ll be able to leverage all five advantages and many more, to build a best-practice Modern Slavery risk and compliance programme powered by automation and our compliance expertise.
iPRO can work collaboratively with you to offer the services and automation capabilities you need to take your third-party supplier and contractor due diligence to the next level.
We can also help you to create a more flexible and responsive risk and compliance team, that has more time and resources to focus on other activities that safeguard and deliver value to your business.
Keen to learn more?
Schedule a free, no obligation demo to discover the benefits of automating the compliance verification process for your business.
What’s expected of your organisation?
Australia’s Modern Slavery Act (2018) holds organisations accountable for preventing modern slavery in their supply chains. As an entity with an annual consolidated revenue of more than $100 million, you are required to file an annual Modern Slavery Statement, as well as conduct human rights due diligence on your operations and supply networks.
You are also expected to:
- Have a sound understanding of the key modern slavery risks your business may face
- Regularly assess these across your operations and supply chain
- Have a clearly defined strategy for responding to any risks you identify
- Embed ongoing third-party due diligence and oversight of modern slavery risks in your supplier and contractor management processes
- Make sure your suppliers and contractors are aware of their Modern Slavery obligations – through clear communication and expectation-setting
Need assistance? iPRO is here to help. Get in touch to discuss your options.