b'SPOTLIGHT ON When preparing statements, firms should also consider how they will continue to develop and strengthen their response to modern slavery over time.Firms that are not required to comply with the Modern Slavery reporting requirement can chose to voluntarily comply, but they must formally notify the Modern Slavery Business Engagement Unit of their statement. Compliance Guidelines The Department of Home Affairs released detailed guidance, developed in consultation with businesses and civil society on 28 September 2019. The guidelines will assist businesses and organisations to understand and comply with the new Modern Slavery Act. The guidelines detail the entities that are required to report under the new law, when they need to report, how to respond to each of the mandatory criteria set out in the Act and what modern slavery is.Modern Slavery Statements are public documents and need to be signed off by the firms leadership, and as such, will need to fit within the firms formal risk management procedures and include demonstrable actions to back them up. There is no set template for statements and while each reporting firm will be able to decide how to structure its statement there are seven mandatory criteria:1.identify the reporting entity2.describe the reporting entitys structure, operations and supply chains3.describe the risks of modern slavery practices in the operations and supply chains of the reporting entity and any entities it owns or controls4.describe the actions taken by the reporting entity and any entities it owns or controls to assess and address these risks, including due diligence and remediation processes5.describe how the reporting entity assesses the effectiveness of these actions6.describe the process of consultation with any entities the reporting entity owns or controls (a joint statement must also describe consultation with the entity giving the statement), and7.provide any other relevant information.'