How to fight modern slavery: question company supply chains
All of us share a responsibility to tackle this issue. In financial services, for example, socially responsible investing is growing, as more people factor environmental, social and governance (ESG) criteria into their investment plans.
However, the full impact on modern slavery has yet to be realised, largely because the social aspect of ESG often gets overlooked.
Part of the problem lies in definitions. It’s much easier to talk about a firm’s environmental or governance standards, but it’s much harder to define its social impact, particularly as that may be buried far down in its supply chain.
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The good news is that the tide is beginning to turn. Despite their opaqueness, complex networks of supply chains can be navigated. Better data is making it easier to form a complete picture of risk across global supply chains, and artificial intelligence tools are helping compliance teams identify weak links.
Perhaps more important than individual efforts, though, is the power of collaboration. By working together, we can raise global awareness of modern slavery. We can share the critical data that identifies where it lies. And we can finally take steps to eradicate it from our society.
Kimberley Cole, head of solutions sales, Asia, Financial & Risk, Thomson Reuters