UK Modern Slavery Act
In 2015, the United Kingdom introduced The Modern Slavery Act to reduce forced labor and human trafficking. The Act requires large UK businesses to report the steps they have taken to ensure that their supply chains are free from modern slavery, which encompasses slavery, forced and compulsory labor and human trafficking.
With ERM's global reach and wide array of experience in sustainability issues and supplier engagement, we are supporting businesses in understanding the implications of the Act and managing risks in supply chains. We work to help clients grasp the critical impacts of supplier relationships on business continuity, as well as the impacts that environment, health, safety and social compliance can have on productivity, product quality, overall brand reputation and the bottom line.
We are working with a number of leading corporate clients and private equity firms to integrate environmental, social and governance considerations throughout their relevant investment life cycle. ERM provides guidance not only during pre-acquisition due diligence but also during ongoing portfolio management, which covers a broad range of social issues including the potential for slavery and forced labor issues in operations and supply chain.
As we continue to raise awareness through skills training and coaching, ERM is helping our clients understand their risks, develop corporate policies, establish baseline expectations for suppliers and institute follow-on verification and monitoring processes to ensure potential modern slavery risks are being managed and controlled effectively. At the same time, clearly we also must meet the requirements of the Act as we are UK-based company. A team of our internal specialists, operational leaders and legal advisors is finalizing ERM's response to the Act.