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IN SHORT › The criminal act of slavery is prevalent globally and therefore likely in the supply chains of many major companies.
› Risks to insurers include exposure to criminal penalties, reputational damage and liability.
› Insurers can respond by
undertaking due diligence on their investment programs and offering cover to customers who undertake their own due diligence.
› In Australia, the Modern Slavery Act 2018 requires all entities with annual consolidated revenue of at least A$100 million to investigate and report on modern slavery in their supply chains.
JOURNAL // ISSUE 03 2020 // ANZIIF.COM
