Slavery in Your Supply Chain is a Risk No Company Should Face, Here's Why
As companies begin to expand into global markets, many of their legal departments are catching up on the specifics of the U.K.’s Modern Day Slavery Act. The enforcement for this legislation is increasing heavily and it is up to companies doing business within the UK to take notice.
As it focuses on the growing issue of supply chain transparency and slavery, it drives to have companies take a more serious and in-depth look into their own supply chain in order to eradicate this on going problem. With most companies and their supply chains, it may come to no surprise that there is a possible risk of this problem. Governmental entities are increasing their enforcement in order to have more liability put on the companies that have riskier supply chains.
Section 54 of the Modern Day Slavery Act applies to any commercial organization that supplies goods or services in the UK. Typically the larger the organization the more complex the supply chain, either way, the importance of knowing there is no slavery within the supply chain is crucial.
Some companies are not aware of the specifics when it comes to this new piece of legislation coming out of the UK. Some of the important facts about this law is ensuring there are details in the steps taken that there is no human trafficking or forced labor in the business and its supply chain.
Although there has not been a formal piece of guidance on this new law many interested parties have created guides on what to look for and how to comply with this new legislation. Although some companies have taken the necessary steps to move forward with their business operations in the UK, many have not and stand to face heavy fines and public scrutiny if some action is not taken.
In an effort to increase the awareness of this matter, Source Intelligence along with its subject matter experts have dived into the specifics regarding Modern Day Slavery Act and SB-657. To watch this informative video on demand click here
