Industry Discussion |
Modern Slavery – Hidden in Plain Sight
Thomson Reuters is delighted to invite you to an industry breakfast event, supported by the Supply Chain & Logistics Association of Australia (SCLAA), UN Global Compact Network and PwC, to discuss modern slavery in supply chains and strategies to mitigate third party risks.
Register below to reserve your place at this event.
When most Australians think of slavery they envision William Wilberforce and people being shipped to the Americas in chains. However many of us would be shocked to discover that this inhumane practice continues today, even in Australia -- just no longer in physical chains, but psychological ones.
According to the Global Slavery Index, there are 45.8 million people in some form of modern slavery, 26% of whom are children. Illegal profits generated by forced labour amount to $150 billion USD annually. This is a big issue that impacts all of us!
A crucial element in effective supply chain and third party risk management involves developing and maintaining a thorough understanding of the plethora of potential risks inherent in business relationships, including modern slavery. The consequences of failure are significant, and can include enforcement action, often hefty fines, and – perhaps most devastating of all – lasting reputational damage.