Due diligence is the assessment, investigation and review of a product, service, business, individual or third-party. It involves validating those with whom organisations form a working relationship in order to ensure that they are verified and suitable.
Due diligence is one of the foundations of any business and is mandatory in many regulated sectors. In addition to ensuring that business and supplier relationships are adequate, effective and valid; due diligence also plays a role in compliance areas such as risk management, anti-money laundering, outsourcing and human resources.
Due Diligence Toolkits
By carrying out due diligence checks and assessments on employees, customers and vendors, organisations are not only protecting themselves, but also reduce the risks to clients and those posed from financial crime. The approach to due diligence should be multi-level and include a Due Diligence Policy, associated procedures and tailored due diligence questionnaires that seek to identify, validate and evidence those being reviewed.
Know Your Compliance Limited offer a robust Due Diligence Toolkit that provides a working policy for carrying out due diligence and having compliant and effective controls in place. It also includes tailored due diligence questionnaires for verifying and documenting relationships with suppliers/vendors, customers, businesses and employees.