Third Party Due Diligence

The concept of due diligence is not something that any organization is not aware of. However, what many organizations are not aware of is the fact that there are many levels of due diligence. Therefore, it is possible that the kind of due diligence that is being practiced in your firm would only be scrubbing at the surface and verifying the most obvious information, when what is needed is that you dig really deep and find out information about the subject, which probably he himself was not aware of. There is no point in run obvious background checks on employees and any other third party, since it would not reveal the facts that can actually harm your organization. Therefore, it is important to exercise due diligence at the deepest possible levels.

CONDUCT MOST COMPREHENSIVE THIRD PARTY DUE DILIGENCE

THROUGH BACKGROUND CHECK GROUP

The only way to know for sure how much can you rely on a particular employee or any third party associated with your organization, is to conduct a deep due diligence on them. Background Check Group helps you with this due diligence and you are able to know the exact extent of reliability and suitability of the person or organization for your organization.

UNDERSTANDING THE VARIOUS LEVELS OF THIRD PARTY DUE DILIGENCE

There are no specific names given to the various levels of due diligence. But the entire exercise of due diligence exercised by Background Check Group can be divided into three levels. These levels have been discussed below:

First Level: The background of the individual or the organization is checked in the international records for crimes like bribery, corruption, money laundering, violations, sanctions, etc. The academic and professional background information of the subject is also verified at this level.
Second Level: The individual or company’s name is screened in the international press in order to know if there are any negative reports against the subject. This level also involves digging up dirt against the people like directors, partners, investors, and vendor due diligence etc. associated with the subject.
Third Level: All the factors like bad publicity, present and past lawsuits, lifestyle behavior, etc. which can create a bad impression about the individual or the company in the minds of the general public are screened at this level.

USE THIRD PARTY DUE DILIGENCE TO LOOK BEYOND THE SURFACE

Some of the other areas which are covered under deep due diligence by Background Check Group include financial due diligence service, confirming the existence of the premises, collecting photographs of the premises, confirming that employee do work at the said premises, reputation of the organization in the trade circles, business information which is undisclosed, business intelligence, evaluation of the transactions, competitive intelligence, use of internet in the operations, issues relating to regional business scalability, effect of issues like politics, infrastructure, etc. civil and criminal lawsuits, background checks on the executives of the company, personal information on key managers, association with other business entities, financial due diligence history like past bankruptcy petitions, financial assets, tax evasions, wealth sources, past sales, etc., misrepresentations in the past of the company, environmental issues, legal due diligence, any frauds associated with the company, issues in their public relations, personal or professional relation to any organized criminal group, lifestyle issues of the executives and employees of the company, etc.

In an organization the need to conduct due diligence of individuals and companies keeps arising at various points. This makes it even more important that they hire a number one company in this segment like Background Check Group and ensure that they are able to conduct a proper and deep vendor risk management and due diligence every time.