What is modern-day slavery?
Slavery is defined as the “state of being under the control of another person, esp. one who has been forced into servitude or drudgery.”
The modern definition requires that all factors are included in order to identify it – anything less than this does not constitute slavery and should be treated differently. Modern-day slavery comes in many forms including child labor (under age 18), human trafficking, sexual exploitation/prostitution, etc. The modern definition also includes any acts forcing someone to work against their will for little compensation with limited freedom; whether physical imprisonment is present or not.
Modern-day slaves often face additional challenges beyond those facing other victims since they may be separated from their families, have no identification documents or support network, and may be forced to work for extended periods of time.
What are modern-day slaves subjected to?
This is a threat that affects not just the immediate victims but also impacts companies through increased risk exposure in terms of fines, penalties, loss of revenue/profits/stock price due to brand damage as well as litigation costs. This means that modern slave activities go beyond being against company policy – it’s expensive! Businesses need to be aware of this shifting landscape if they won’t survive long term; modern slavery business risk needs to become part of the corporate culture.
This business risk is one that many modern businesses are not aware of. It has the potential to impact your bottom line, but it’s also an issue with no quick fix. In this article, we will discuss three business risks and how you can protect yourself against them.
Social media: The use of social media by modern-day slave masters has grown exponentially in recent years. This means that modern slaves are more easily found on social media than ever before!
Supply chains: Many modern-day slave masters have found ways to slip through supply chains undetected, meaning they could be using any number of goods or services produced by companies around the world!
International investment portfolios: Modern slaves are often moved across borders, so this new slavery could easily be hiding in any number of international investment portfolios.
In order to remain proactive on modern slavery business risk, start by checking your own supply chains and assessing what steps you can take to reduce the chances that modern slaves will slip through undetected!
If you have investments outside of your country’s borders, research what protections are put into place for modern-day slave masters who seek refuge within those countries’ borders- it may not be enough!
We hope you’ve enjoyed this article on modern slavery business risks!
