FTI Journal
FTI Journal | Critical Thinking at the Critical Time
 

The Modern Slavery Act Arrives Down Under

The Modern Slavery Act Arrives Down Under

Slavery. The word itself conjures up images of a dark and shackled past.

Today, for an estimated 24.9 million people, “modern" slavery is a harsh reality. Defined as slavery, servitude, forced labor, debt bondage and deceptive recruitment for labor or services, modern slavery exists in some form or another within the operations and supply chains of organizations in 161 different countries.

Only a handful of governments have legal frameworks to protect workers. The Australian government is proposing to join their ranks with a modern slavery act, modeled after the one established in the UK in 2015. It will likely put forth a new set of reporting obligations designed to foster transparency across operations and supply chain of its multinational organizations. The obligations are a means to improve information availability for consumers and investors alike to help them make more informed decisions.

Though Australia has not proposed penalties for non-compliance, a rough passage through the parliament may see these kinds of measures included before the laws are enacted. Regardless, pressure from consumers and other stakeholders makes compliance in a company’s best interests.

With this increased scrutiny and raised expectations on the horizon, companies doing business in Australia will need to take a comprehensive look at their infrastructure and determine if their policies, procedures and culture are up to regulatory standards. Multinationals especially will need to be aware of the heightened global consequences that are expected to follow — similar to the precedent set forth by the UK. The act will likely be introduced into parliament in the first half of 2018 and will take effect later in the year, but Australian businesses are urged to act sooner.


Published December 2017

© Copyright 2017. The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.

About The Authors


Murray Lawson
murray.lawson@fticonsulting.com
Senior Director
Global Risk & Investigations
FTI Consulting

Sarah Browne
sarah.browne@fticonsulting.com
Managing Director
Strategic Communications
FTI Consulting

Share This

Related Articles

Latest Articles

  • Stay Protected While Connected: Wi-Fi Safety
    Stay Protected While Connected: Wi-Fi Safety
    Think your Wi-Fi connection is secure? Think again. Whether at home or in public, the connection may leave a window open for nefarious actors to climb inside your digital life. In the third of four articles for National Cybersecurity Awareness Month (October), FTI’s cybersecurity team presents essential best practices for protecting your wireless connection.
  • Secure Your Data by Tightening Your Weakest Links
    Secure Your Data by Tightening Your Weakest Links
    The old adage “you’re only as strong as your weakest link” is spot-on when it comes to safeguarding your computer systems from cyber attack. In the second of four articles for National Cybersecurity Awareness Month (October), FTI Cybersecurity presents essential best practices for fortifying basic barriers that secure your most sensitive data.
  • Keep Your Phone Close — And Your Data Closer
    Keep Your Phone Close — And Your Data Closer
    With employees depending heavily on their mobile devices to accomplish business goals, the need to keep those devices secure is imperative. Here, in the first of four articles for National Cybersecurity Awareness Month (October), FTI Cybersecurity presents best practices for securing your mobile device.

Related Articles

Latest Articles

  • Stay Protected While Connected: Wi-Fi Safety
    Stay Protected While Connected: Wi-Fi Safety
    Think your Wi-Fi connection is secure? Think again. Whether at home or in public, the connection may leave a window open for nefarious actors to climb inside your digital life. In the third of four articles for National Cybersecurity Awareness Month (October), FTI’s cybersecurity team presents essential best practices for protecting your wireless connection.
  • Secure Your Data by Tightening Your Weakest Links
    Secure Your Data by Tightening Your Weakest Links
    The old adage “you’re only as strong as your weakest link” is spot-on when it comes to safeguarding your computer systems from cyber attack. In the second of four articles for National Cybersecurity Awareness Month (October), FTI Cybersecurity presents essential best practices for fortifying basic barriers that secure your most sensitive data.
  • Keep Your Phone Close — And Your Data Closer
    Keep Your Phone Close — And Your Data Closer
    With employees depending heavily on their mobile devices to accomplish business goals, the need to keep those devices secure is imperative. Here, in the first of four articles for National Cybersecurity Awareness Month (October), FTI Cybersecurity presents best practices for securing your mobile device.
It looks like you're enjoying this article. If you'd like to receive email updates from the FTI Journal, please consider subscribing.
The views expressed in this article(s) are those of the author and not necessarily those of FTI Consulting, Inc., or its professionals.
©Copyright, FTI Consulting, Inc., 2012. All rights reserved.

http://ftijournal.com/article/the-modern-slavery-act-arrives-down-under