Often receiving the results of a modern slavery risk assessment is overwhelming. Especially if that signals the majority of your organisation’s supply chains have risk. Understanding where the risk lies is the first step, as so many of our supply chains have some level of risk within them. The more important next step is to prioritise which supply chains or which suppliers to focus on first.
Watch this video where Edge’s Head of Sustainable and Ethical Procurement, Nicole Thompson, talks about how to approach your Modern Slavery risks.
Special thanks to the team at Holding Redlich for producing this series with us.
We are seeing organisations take different approaches to prioritising risk towards preventing modern slavery. Generally there a few key factors that should be considered:
- Risk profile (high risk countries & sectors) and most risk of harm to people
- What proximity is the risk to the organisation
- Where can the organisation have the most influence or leverage over suppliers, and
- Which suppliers need the most support.
Many organisations use spend as their key prioritising criteria. This isn’t wrong as it usually equates to leverage. It’s important not to overlook low spend categories that carry high risk. It’s a good idea to involve stakeholders from across the organisation to contribute their knowledge, this may include project managers and representatives from procurement, risk, legal and governance teams.
To discuss your prioritisation strategy or modern slavery risk assessment, contact Nicole.