There are no shortage of due diligence suppliers, even private investigation firms are stepping into the due diligence market place, but the quality of the reports can vary drastically from one provider to another.
There are five indicators that can tell you if your due diligence provider is providing maximum value to your business:
- Tailored to your risk appetite
Any due diligence report you order should focus on the risk areas that your business is most interested in. A reputable provider will listen to your business needs and ask questions, taking the time to understand the level of risk you are willing to accept.
- Access to integrity and compliance expertise
There is much more to a thorough due diligence report than simple online research. Due diligence reports should be written by industry and country experts who intimately understand the risk landscape. They should be able to give unparalleled insight into the existing or potential relationships between your business and a third party.
- Prioritisation of adverse information
When you receive your due diligence report you should be able to immediately see what your most considerable risks areas are. If your provider has taken the time to understand your risk appetite, they should be able to advise which areas you should give immediate attention and those which can be addressed later.
- Value at every order level
Depending on your situation and objective for undertaking due diligence on a target, alongside the complexity of the potential risk, your provider should recommend the appropriate level of due diligence report. An experienced provider who understands your business will advise you on the depth of the report that suits your needs.
- Supplemented with recommended next steps
So you have your due diligence report, but what do the findings actually mean to your business? Your provider should help you understand the findings and provide actionable next steps to reduce the risk and move forward.
The Red Flag Group’s reports, unique in the marketplace, ensure that any integrity and compliance risks associated with a third party are made simple to understand. We also offer detailed advice on how to undertake any necessary next steps to reduce the risk and move forward.