Using this toolbox: Explore resources by focus area, e.g., Risk & Opportunities or go straight to Sorted by finance audience to find the toolbox resources that are relevant to your finance area. Open all toolboxes resources in a new tab so you can continue to explore this toolbox.

The issue of Modern Slavery

Modern slavery is a hidden crime that encompasses a range of exploitative practices including slavery, servitude, forced or compulsory labour and human trafficking (Parliament of Australia, Walk Free, International Labour Organization). Essentially it refers to situations of exploitation that a person cannot refuse or leave because of threats, violence, coercion, deception, and/or abuse of power – Walk Free.

There are 50 million people worldwide in modern slavery (2021 statistic from the Global Slavery Index, Walk Free).

Source: Video from International Labour Organization September, 2022

Modern slavery affects individuals across the globe, cutting across various demographic and socio-economic groups. The prevalence of modern slavery is particularly high in regions experiencing conflict, weak governance, and significant migration flows. For instance, countries like India, China, and North Korea have some of the highest numbers of people in modern slavery​ (Walk Free).

Efforts to combat modern slavery require action from governments, international organisations, businesses, and civil society. We need to collectively advocate for, and enforce, stronger labour laws, social protection and ethical recruitment practices.

“We can do more than cry for the millions of oppressed modern slaves around the world. As free people, it is our duty to use our voices to speak for the voiceless.” – Yeonmi Park

Risk & Opportunities

This section helps finance professionals identify and understand the financial, social, economic, and environmental risks and opportunities related to the ESG issue. By exploring relevant tools and insights, professionals can assess exposure, mitigate potential impacts, and uncover strategic opportunities for growth and sustainability.

EXTERNAL RESOURCES

Mitigating risk of modern slavery in supply chains

• Why it’s useful: This podcast episode provides insights into financial institutions’ roles in addressing modern slavery, with practical advice for procurement teams and supplier engagement.

Where human rights and finance meet

• Why it’s useful: This podcast episode explores systemic risks and opportunities tied to social impact, with a focus on financing water, sanitation, and hygiene access for marginalised groups.

Fighting modern slavery and human trafficking course part 1

• Why it’s useful: This free online course equips compliance officers, risk managers, and ESG specialists with tools to conduct due diligence, monitor transactions, and enhance reporting on financial activities linked to modern slavery.

Reporting Standards & Guidelines

This section outlines key frameworks, standards, and guidelines to help finance professionals assess, report, and disclose their organisation’s approach to the ESG issue. Covering both mandatory regulations and voluntary guidelines, it provides tools to enhance transparency, accountability, and consistency in ESG reporting. These resources empower organisations to meet stakeholder expectations, align with best practices, and improve overall ESG performance.

Best Practice

This section focuses on proven strategies and actionable approaches that finance professionals can adopt to address the ESG issue. It highlights successful methods and industry-recognised practices that drive meaningful outcomes and enhance ESG performance.

EXTERNAL RESOURCES

Preventing modern slavery and human trafficking in the financial sector

Why it’s useful: This webinar features expert insights from leaders in anti-slavery efforts, focusing on financial sector strategies to combat modern slavery and human trafficking.

Modern slavery – A gendered issue

Why it’s useful: This video explores the gendered impact of modern slavery, highlighting the role of finance professionals in addressing forced labour through supply chain transparency, regulatory compliance, and ESG practices.

IASC and The Investor Forum event: The role of investors in eradicating modern slavery

Why it’s useful: This video highlights the economic impact of forced labor and outlines actionable steps for investors, including integrating modern slavery risks into the investment lifecycle, enhancing transparency, and fostering collaboration.

The expectation of continuous improvement in combating modern slavery

Why it’s useful: This article offers practical advice on implementing ESG frameworks, strengthening governance, and improving transparency to mitigate modern slavery risks.

What I’ve learned from the research on framing modern slavery

Why it’s useful: This blog provides communication techniques to help finance professionals understand systemic factors and complexities, supporting better policy development, due diligence, and reporting.

Fighting modern slavery and human trafficking part 2: US sex and exploitation cases

Why it’s useful: This free, self-paced course by ACAMS focused on financial activities linked to U.S. sex and exploitation cases teaches compliance officers and ESG specialists to identify red flags, enhance anti-money laundering (AML) programs, and address trafficking risks.

Modern slavery and insurance policy

Why it’s useful: This podcast episode explores how modern slavery considerations can be integrated into insurance contracts, offering practical insights for risk management and underwriting professionals.

General resources

This section includes a variety of resources that, while not directly tied to the main sections, offer valuable insights, tools, and references for finance professionals. These resources provide additional context and support for understanding and addressing the ESG issue.

Sorted by Finance Audience

Banking and financing

• Global Slavery Index – Data resource for assessing modern slavery risks in high-prevalence regions.
• FAST Risk Mapping Tool – Aids in identifying forced labor risks across supply chains specific to finance.
• UNEP FI Human Rights Tool – Guidance for integrating human rights policies in banking governance.

Financial advice

• Modern Slavery Reporting Guide for Investors – Structured guidance for advisors on risk assessment.
• Walk Free Podcast – Provides insights into the broader impacts of modern slavery, informing client advice.

Fintech

• Global Slavery Index – Used to integrate risk data into fintech products for client-facing tools.
• BHRRC Digital Platform – Tracks corporate human rights records, valuable for data analytics in fintech.
• Modern Slavery Benchmarking Tool – Supports fintech compliance and ethical engagement with partners.

General / All finance

• Global Slavery Index – General risk assessment tool across sectors.
• Modern Slavery Benchmarking Tool – Industry benchmark for assessing organizational response to slavery risks.

Impact Investment

• KnowTheChain Benchmark Tool – Assesses company metrics on forced labor and labor practices.
• Walk Free Podcast – Broader context on modern slavery impacts, supporting ethical investment decisions.
• Modern Slavery Reporting Guide for Investors – Practical guidance for impact investors on reporting standards.

Insurance (Risk Underwriting)

• FAST Risk Mapping Tool – Identifies forced labor risks in insured supply chains, aiding underwriting.
• UNEP FI Human Rights Tool – Human rights and modern slavery guidelines for insurance practices.

Investment

• KnowTheChain Benchmark Tool – Evaluates corporate actions on forced labor across sectors.
• Financial Crime Compliance Blueprint – Compliance guidance for aligning portfolios with anti-slavery standards.

Other Financial Services

• Global Slavery Index – Used for basic risk assessments and understanding geographic risks.
• UNEP FI Human Rights Tool – Supports advisory and compliance roles in implementing anti-slavery practices.
• BHRRC Digital Platform – Tracks corporate compliance, useful for audits and evaluations.