According the latest Global Slavery Index (GSI), released in July 2018, it can be estimated that were 40.3 million victims of modern slavery and human trafficking worldwide and of these 24.9 million were in forced labor in 2016.
Human Trafficking and Modern Slavery – a major financial and reputational risk for companies
Regulations such as the California Transparency in Supply Chains Act (2010), the EU Non-Financial Reporting Directive (2014), and the UK Modern Slavery Act (2015) have turned the spotlight on human rights issues as a major financial and reputational risk for companies and their supply chains. With governments taking action against modern slavery, companies need to perform due diligence to improve their disclosures to comply with existing and emerging human trafficking and slavery legislation. No company wants to be the subject of a human rights abuse violation.
What regulatory efforts are underway?
iPoint, in partnership with Compliance Week, recently published the eBook “Preventing Worldwide Human Rights Abuses”. In this eBook, chief compliance officers, chief risk officers, and in-house counsel will learn everything they need to know about how to mitigate such a risk. Among other things, this eBook takes a look at what regulatory efforts are underway in countries such as the United Kingdom and Australia, to better detect forced labor, and what compliance implications, and legal risk, this creates for companies.
Everything you need to know – Download Free eBook
The eBook also includes a white paper by Tolga Yaprak, iPoint’s Senior Consultant for CSR as well as Anti- Human Trafficking and Conflict Minerals Compliance, which focuses on “Human trafficking in corporate value chains: A management guide for effective compliance”.