The Modern Slavery Act of 2015 is a UK law that requires organizations to publicly communicate their practices to ensure that forced labor, human trafficking, and other forms of involuntary servitude are not taking place in their businesses or supply chains. The "Transparency in Supply Chains" section of the Act (Part 6, Section 54) defines what form this should take for third-party relationships.
Prevalent helps organizations apply a rigorous level of due diligence to suppliers by determining if a public statement exists, and by validating policies and processes through Modern Slavery risk assessments and continuous external monitoring of their real-world practices. Armed with these insights, organizations improve their visibility into their supply chain partners' labor practices, reducing the risk of reputational damage.
Publish an annual statement detailing the steps taken to ensure that modern slavery is not taking place in the business or supply chain
Improve due diligence on suppliers to ensure they are adhering to the law
Navigate the TPRM Compliance Landscape
The Third-Party Risk Management Compliance Handbook reveals TPRM requirements in key regulations and industry frameworks, so you can achieve compliance while mitigating vendor risk.
Rapidly pre-screen vendors using a library of continuously updated risk profiles based on inherent/residual risk, assessment results and real-time reputational monitoring.
Tap into 550,000+ sources of vendor intelligence to build a comprehensive supplier profile that includes industry and business insights and maps potentially risky 4th-party relationships.
Use a simple assessment with clear scoring to track and quantify inherent risks for all onboarded suppliers.
Leverage Prevalent's built-in Modern Slavery assessment to determine adherence to policies. Review and approve assessment responses to automatically register risks or reject responses and request additional input.
Automatically identify if a Modern Slavery Statement exists on the websites of over 18,000 companies to support compliance validation activities.
Validate assessment results and gain continuous supplier insights from over 550,000 public and private sources of reputational information, including negative news, regulatory and legal actions, sanctions, adverse media, OFAC violations, and more.
Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified reporting and remediation.
Take actionable steps to reduce modern slavery exposure with built-in remediation recommendations and guidance.
Store and distribute Modern Slavery policy documents for dialog and attestation.
Visualize and address compliance requirements by automatically mapping assessment results to Modern Slavery requirements.
Identify relationships between your organization and third, fourth and Nth parties to discover dependencies and asses your exposure.
Managing ESG Risks Across the Extended Enterprise
This analyst report from GRC 20/20 uncovers best practices for including ESG in your third-party risk management program.