Conducting effective due diligence on existing or prospective business partners is becoming more challenging, especially with the influx of boutique due diligence providers offering nothing but check-the-box due diligence reports. In this coming year, we will be introducing IntegraCheck® | Integrity Due Diligence 7.0 to further meet our clients’ specific needs and help them to effectively manage potential business risks based on their risk tolerance, the geographical markets where they do business, and the industries they operate in.
What changes were made?
Over the past year, the biggest changes to IntegraCheck® | Integrity Due Diligence 6.X has been the inclusion of enhanced and improved features.
Improved relationship mapping: A colour-coded visual diagram of the connections between entities and individuals, shareholders, affiliates, subsidiaries and even ultimate benefit owners. This allows readers to quickly see the key relationships they need to be aware of.
Commentary on issues identified: We provide insight into the risks we identify as it relates to the country, industry and possible business impacts, which gives company compliance officers the benefit of our knowledge in those markets and industries and puts more of the information in perspective.
Transparent methodology: Underlining the importance of transparency in our research and analysis methodology, we clearly highlight the sources that we checked, the search terms used that are applicable to the client’s risk needs and industry, and our research methodology. The value in this transparency goes far beyond a client seeing how we did the work, it gives them peace of mind that we have covered all relevant sources and allows them to see the depth of our research.
Further steps: A high-level overview of mitigation and remediation steps on the issue can be provided by our professional services team to speed up the decision-making process on next steps and reduce the need for internal escalations that take time and sometimes cost money.
Internal auditing: Client satisfaction and quality are at the forefront of what we do, and to this end, our product team conducts monthly monitoring and analysis of key data. This auditing is used to highlight areas of improvement within the regional teams to ensure delivery of quality products and services in a timely fashion.
As a result of these features, we are able to provide more client-relevant information as our professional services team increases the analyse and insights to help clients make informed business decisions.
As our clients become more sophisticated with their compliance programmes, our regional insights provide important information that is not always publicly available and adds significant value to a compliance officer who might not be completely up to speed on the areas or country in which we are doing the work.
Based on the feedback from clients, the new enhancements in IntegraCheck® | Integrity Due Diligence 6.X have been well received, with comments that we are now providing the same valuable information in a more clear and easyto-read format. With our professional services team providing transparent research methodology and local context and insights, our clients feel more confident in what we do.
To ensure that we maintain and improve the report quality, we further grew our professional services teams in Hong Kong, Penang, Manila, Amman, Krakow, Shanghai and Panama City during the past year. This growth means that we maintain a pool of compliance and legal professionals, as well as country experts, who can professionally help manage risks pertinent to the country and industry. For the teams, we provided additional training and certification to in country local experts in high-risk markets and in jurisdictions where due diligence data is not easily accessible through primary or official government sources. We now have among the highest level of SCCE-certified professionals in the industry.
Working with our certified in-country local experts ensures that we have people who are qualified enough to explain inherent risks or common practices in that jurisdiction. Our network of in country experts includes local registrars, law firms, private investigators, journalists, compliance and ethics practitioners, legal practitioners and our Firm’s alumni.
We also expanded our due diligence capabilities to cover more jurisdictions, including island states and semi-autonomous regions where boutique providers have no capacity or know-how to perform due diligence. We built expertise in closed states and post-conflict countries, enabling us to perform standard and enhanced due diligence in the earliest possible turnaround time without compromising quality. We are constantly expanding our reach beyond the obvious 195 countries of the world to help our clients tap opportunities in new markets by ensuring that they are aware of the risks that exist in newer jurisdictions.
We further developed our ability to deal with very complex requests (bespoke cases, test cases, multi-jurisdictional investigations) in difficult countries such as Mongolia, Cambodia, Laos, Syria, Guinea Bissau, Equatorial Guinea, Angola, Iraq, Iran and Libya, and complex compliance issues such as ties with Iranian-sanctioned companies, links with terrorism, relation with dictatorial regimes.
Moving into 2018, our focus will be on the launch of the next level of due diligence: our IntegraCheck® | Integrity Due Diligence 7.0.
As the needs of our clients change to meet evolving political and economic shifts around the globe, our products and development teams are working on new technology solutions designed to reduce the workload and improve the efficiency and effectiveness of due diligence checks.
Our upcoming release, IntegraCheck® | Integrity Due Diligence 7.0, will provide:
• Enhanced visual overviews and infographics for easy and quick review by clients
• Additional business risk analyse (specific to the type of third party)
• Visual benchmarking against peer third parties in the country
• IntegraRating® — a ten-point risk-rating methodology that can be tailored to be specific to clients
• Optional call time with senior members of the professional services team to outline findings to the client
• Partial system automation to some of our processes and procedures to ensure efficient IntegraCheck® | Integrity Due Diligence production and delivery
Even though IntegraCheck® 7.0 is of major importance in the coming year, we will also be releasing other new IntegraCheck® | Integrity Due Diligence service offerings that we have been developing over the past year. Our team is always looking for new ways to develop products and solutions that match clients’ needs and requirements based on their risk tolerance.