Just last week, the State Department released its 2015 Trafficking in Persons Report in which it highlighted the risk of human trafficking in global supply chains. Recent changes in legal requirements are also drawing attention to this issue by demanding that companies disclose their efforts to eradicate labor abuses in their supply chains. As governments and consumers become increasingly aware of this situation, a trend towards supply chain transparency is changing the business landscape. Whether this change is a threat or an opportunity depends on how corporations choose to engage.
Leading and dynamic companies will see this problem as an opportunity. Risks can’t always be prevented, but anticipating and responding appropriately can turn a liability into a competitive advantage.
Over the next two months, KnowTheChain will highlight the voices and perspectives of prominent businessmen and women across a wide-range of business functions (legal, PR, compliance, investments) to explore the impact and opportunities of this growing trend.
At KnowTheChain, we believe that companies have the ability, but lack the guidance and resources, to affect large-scale change to the daily lives of millions of workers globally. We strive to be the resource, and provide the guidance necessary, to make a transition to sustainable, ethical, supply chains a reality for every company.
This piece appears as part of KnowTheChain’s blog series on a growing trend towards supply chain transparency. Follow the discussion at: http://bit.ly/1HpEEOu