You run a successful business, but you are approached by what appears to be a highly regarded company interested in a possible merger. Do you move forward with their proposition without completing any checks?
You own a company that deals with highly sensitive material and decide that there is a need to expand your team. You find the candidate you would like to offer a job to. Do you carry out any checks to ensure they are trusted to handle the information?
You are in the market to purchase a used car and decide to visit the current owner. Do you buy the car without checking the car’s history and the documentation?
All of these checks are forms of due diligence.
Due diligence is the gathering and analysis of information that allows you to make an informed decision. The information tends to be based on the business and/or person, their political connections and their financial status. Presented with this information in a digestible format will make you aware of the inherent risks to you or your business. This, however, does not mean you cannot move forward, but simply arms you with knowledge to be able to flush out any issues before you make a firm decision.
It is possible to make decisions without carrying out any due diligence, however it must be borne in mind that without the knowledge of the person, business or interest you are seeking to form a relationship with; it may have severe consequences and may be liable to any future damages.
At AnotherDay we employ talented investigators who have a proven track record of finding information and leaving no stone unturned. We treat each due diligence request as any other investigation.
The depth, granularity and timeliness of information is key to ensure nothing slips through the cracks.
We use cutting edge technology and a range of datasets to give us access to unique levels of data, including:
• Open and closed local source research – we analyse reputable media, blogs, company records and local mainstream media to paint a detailed picture of the person or company to identify areas of concern
• Analysis of company information - we use technology and, where applicable, local contacts to obtain company records and financial information to understand their reputation and financial stability.
• Negative media – using our data sets we are able to identify any adverse media that may have a detrimental effect.
• Red Flags and Black list checks – we identify if the company or individual is known to any regulatory bodies, or any sanctions, money laundering, politically exposed persons (PEP) or other watchlists.
• Dark web – we conduct deep web searches that will identify any illegal traffic.
• Social media analytics – we identify and analyse social media sites linked to the subject, and to understand popular opinion.
These are only some of the checks that should be carried out as a bare minimum. We also conduct further enhanced due diligence, using our experienced investigators and networks of human sources, to gain a true, granular understanding of the subject. By building these additional layers on to any initial information disclosed will allow you to confidently make those key decisions moving forward.
Knowledge is power; make sure you know all the facts before taking any significant steps that could have a wider impact on you or your company.