Risk Assessment & Auditing
Providing Supply Chain Risk Management Procedures in the context of the Modern Slavery legislation.
The Commonwealth Modern Slavery Act 2018 (the Act) aims to combat modern slavery in the supply chains. All entities with at least AU$100 million annual consolidated revenue must comply with the Act and report their actions to assess and address modern slavery risks in their operations and supply chains.
Bureau Veritas’ Modern Slavery solution suite correlates the required actions and subsequent assessment activities with the level of risks, targeting mitigation activities while reducing capital expenditure.
This is particularly important for organisations with multi-tiered supplier networks, whereby assessment and mitigation activities may be targeted to the criticality of the supplier for the buyer, practices at the site and location of the supplier.
HOW DOES IT WORK?
CALCULATE LEVEL OF RISKS FOR EACH SUPPLIER.
We incorporate a selection of key criteria to calculate supplier risk across the supply chain, such as:
a. Intrinsic country risk;
b. Criticality for the Buyer, etc;
c. Product, service or industry risk factors; and
d. Supplier Self-Assessment Questionnaire (SAQ) response.
- ALLOCATING A RISK SEGMENT AND A MITIGATION STRATEGY FOR EACH SUPPLIER.
We analyse the data received during the risk calculation exercise and align it with the company’s key focus areas to generate a tailored approach for assessing supplier risk across the supply chain.
- MOBILISE MITIGATION STRATEGY FOR EACH SUPPLIER THROUGH THE PROVISION OF DESKTOP OR ONSITE AUDIT.
We implement actions based on the level of risk identified through the prioritising exercises to deliver Desktop Reviews to On-site Audits and subsequent reports. With Bureau Veritas’ presence in over 100 countries globally, we can minimise the costs of physical auditing by utilising local resources.
Supplier’s locations, risk profiles, audit results, findings status and any other relevant indicators can be visualised through customisable dashboards from the platform interface developed by one of our partners, or through custom-designed templates.
within the supply chain against customised criteria and requirements
IMPLEMENT TARGETED ACTION
with mitigating and assessment processes tailored to the company's strategy
by aligning actions with risk criticality allowing for optimal cost management
PREPARE YOUR COMPANY
for legislative changes and stakeholder expectations
for transparency and ethical business practices via third-party assurance
Modern Slavery Risk Assessment & Auditing can ensure companied compliance with legislation while bringing transparency to their supply chains. With independent third-party auditing and assurance from Bureau Veritas, companies can deliver mitigation action while focusing on key strategic areas of concern.