---
title: Implications of not complying with the Modern Slavery Act
description: Failure to fulfil global citizenship and obligations under the Modern Slavery Act may present a reputational risk  that is long lasting for your company.
---

[Skyjed Blog - Articles for Product People ](https://www.skyjed.com/blog)

# [Implications of not complying with the Modern Slavery Act](https://www.skyjed.com/blog/implications-of-not-complying-with-the-modern-slavery-act)

 Written by [Leica Ison](https://www.skyjed.com/blog/author/leica-ison) | Oct 8, 2020 4:52:01 AM

Australian companies with annual revenues of more than $100 million need to prepare statements on how they are identifying and tackling the risks of modern slavery - which includes child labour and human trafficking - by March 2021.

## What are the implications of not complying with the Modern Slavery Act?

Although the [*Modern Slavery Act 2018 *](https://www.skyjed.com/blog/addressing-modern-slavery-risks-in-operations-supply-chains) has not yet indicated any financial penalties for non-compliance, it may do so in the near future. The consequences of not complying could also be far more detrimental to your business than a monetary fine. 

If a reporting entity fails to lodge a Modern Slavery Statement within the required timeframe (before March 2021), addressing each of the obligations provided under the Act, the entity may: 

- Be contacted by the Minister to provide an explanation for failure to comply with the Act;
- Be required to undertake remedial actions for non-compliance; and
- Be ‘named and shamed’ for non-compliance with the Act 

 

[Environmental, Social and Corporate Governance (‘ESG’)](https://www.skyjed.com/blog/institutions-fall-short-on-the-esg-agenda) is extremely important to investors, shareholders and boards in the current climate. Failure to fulfil global citizenship and obligations under the Act may present a reputational risk  that is long lasting for your company.

 

### Is your product governance up to scratch?

Also read:

- [Product Governance and Modern Slavery](https://www.skyjed.com/blog/addressing-modern-slavery-risks-in-operations-supply-chains)
- [Design and Distribution Obligations](https://www.skyjed.com/how-to-comply-with-asics-design-distribution-obligations)

Skyjed provides the essential monitoring, reporting and analytics capability to continuously improve a product portfolio to give the visibility required for teams and management to manage a lifecycle end-to-end. With pre-built product drivers, reports, dashboards and trigger-based alerts and notifications, business teams can ensure fast and smart product decisions.

[View full post](https://www.skyjed.com/blog/implications-of-not-complying-with-the-modern-slavery-act)

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