Latest Analyst Report: The 2023 Gartner® Market Guide for Supplier Risk Management Solutions
Modern Slavery Act of 2015
Assess supply chain partner labor practices
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.
Relevant Requirements
-
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
Align Your TPRM Program with Expanding ESG Regulations
Download this guide to review current and future ESG standards and legislation, and learn how to prepare your TPRM program for compliance.
Meeting Modern Slavery Act of 2015 Requirements
-
Supplier Pre-Screening
Rapidly pre-screen vendors using a library of continuously updated risk profiles based on inherent/residual risk, assessment results and real-time reputational monitoring.
-
Comprehensive Supplier Profile
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.
-
Inherent Risk Scoring
Use a simple assessment with clear scoring to track and quantify inherent risks for all onboarded suppliers.
-
Modern Slavery Assessment
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.
-
Modern Slavery Statement Identification
Automatically identify if a Modern Slavery Statement exists on the websites of over 18,000 companies to support compliance validation activities.
-
Supplier Reputation Monitoring
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.
-
Central Risk Register
Normalize, correlate and analyze assessment results and continuous monitoring intelligence for unified reporting and remediation.
-
Built-in Remediation Guidance
Take actionable steps to reduce modern slavery exposure with built-in remediation recommendations and guidance.
-
Document & Evidence Management
Store and distribute Modern Slavery policy documents for dialog and attestation.
-
Compliance Reporting
Visualize and address compliance requirements by automatically mapping assessment results to Modern Slavery requirements.
-
Relationship Mapping
Identify relationships between your organization and third, fourth and Nth parties to discover dependencies and assess 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.
-
Blog PostModern Slavery Risk Assessments in the Extended Enterprise: A Quick...
New legislation aims to improve enforcement over modern slavery violations. How much visibility do you have...
-
Blog Post
EU Corporate Sustainability Due Diligence Directive and Third-Party Risk Management
Assess your organization’s supply chain due diligence processes and implement these seven best practices in preparation...
-
White Paper
Navigating ESG and Third-Party Risk Management
Leverage a best practices framework for incorporating ESG into your third-party risk management program.
-
Ready for a demo?
- Schedule a free personalized solution demonstration to see if Prevalent is a fit for you.
- Request a Demo