Corporate compliance reporting and training is about to affect a lot more Australian businesses, how does this impact you?
The introduction of the Modern Slavery Act in 2018 marked a significant step towards transparency and accountability for businesses with annual consolidated revenues of $100 million AUD or more. Now, proposed legislative changes seek to lower this threshold to $50 million AUD.
Join us as we delve into why swift preparation is essential for businesses in this bracket and how to navigate the changing compliance requirements.
The Current State of Modern Slavery Reporting:
Australia's Modern Slavery Act, introduced in 2018, brought transparency and accountability to the forefront. It required businesses with annual consolidated revenues of $100 million AUD or more to report their efforts to combat modern slavery within their operations and supply chains.
Proposed Legislation Changes:
Fast forward to 2024, and change is on the horizon. Proposed legislative amendments aim to lower the revenue threshold for mandatory modern slavery reporting from $100 million AUD to $50 million AUD. If these changes are ratified, many more businesses will be obligated to report on their efforts to combat modern slavery, amplifying the impact of transparency and accountability.
Why Does This Matter?
1. Expanded Accountability: Lowering the threshold extends accountability to a broader spectrum of businesses. Compliance now touches more mid-sized companies, which play a crucial role in supply chains.
2. Urgent Preparedness: Businesses within this bracket must act swiftly to prepare for compliance, given the legislative changes on the horizon.
3. Positive Reputation: Companies actively addressing modern slavery not only fulfil ethical obligations but also build positive brand reputations. Stakeholders prefer to associate with socially responsible businesses.
4. Supply Chain Resilience: Mitigating modern slavery risks in the supply chain strengthens its resilience, helping prevent disruptions and safeguarding business interests.
5. Global Alignment: These changes align Australian legislation with international standards, facilitating global market navigation.
The Urgency for Businesses:
For businesses in this bracket, timely preparedness is essential. Here's how you can get started:
- Training and Education: Equip your staff with the knowledge and skills required for compliance. academyEX offers Corporate Compliance training programs to guide your employees through modern slavery reporting complexities.
- Supply Chain Assessment: Conduct due diligence on your supply chains to identify and mitigate modern slavery risks effectively.
- Policy Development: Develop robust policies and procedures that align with modern slavery reporting requirements.
Conclusion:
As we stand on the verge of potential legislative changes, the landscape of modern slavery reporting in Australia is evolving. For businesses within this earnings bracket, preparation is key. Embrace these changes as a collective step towards a more ethical and responsible business environment in Australia. With academyEX as your trusted partner in achieving compliance excellence, your journey towards compliance and ethical practices begins now.
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