Are you practicing due diligence to avoid harm to your business, others or your personal property? If not, you could be leaving your business vulnerable to fraud, bribery and theft. Learn more about what due diligence is and why you need to start practicing it to protect both yourself and your business.
What is Due Diligence?
Due diligence refers to an investigation, review or audit that is performed on processes and finances to evaluate risk factors in relationships and dealings for any business. A due diligence check should be completed to assess any risks associated with your personal or business dealings to protect you against fraud, illegal activity and other actions that could impact your financial condition. In some industries, it is required that business owners perform due diligence regularly to be held in good faith if there are any legal consequences.
How to Perform Due Diligence Checks?
To perform the check, the person or the company should perform a number of audits that assess their risk level. The most common areas that are examined include cash flow and financial weaknesses, contract and supply chain processes, accounting and tax consequences, operational and environmental risks, security and IT risks, employee theft and intellectual property risks, and legal vulnerabilities. Every business is different, so it’s important to hire a professional to help you understand exactly what areas of your business are especially vulnerable to risk and should be included in the due diligence procedures.
What to Do If You’re Compromised?
suspect that you or your business is being compromised, it’s important to address your concerns immediately. Hiring a Private Investigator as soon as you suspect that something is off can save a lot of aggravation and money down the road. A trained private investigator can help you avoid damage, as well as liability. If a company is defrauded, a PI can track down the perpetrator. They can also do undercover work inside the business to look for evidence or test theories.
What Can a Private Investigator Reveal?
A number of things can be revealed during the investigation including fraudulent and criminal activity that involves employees, business partners and vendors. Employee theft, scams, sabotage, blackmail, insurance fraud, identity theft, and money laundering schemes are also commonly uncovered during due diligence investigations. Undisclosed facts such as liens against property, lawsuits, and forged documents can also come to light.
Don’t make the mistake of skipping the due diligence process for your business. You will only be placing the safety of your business in jeopardy. If you suspect anything out of the ordinary or need help getting your risk management processes in order, contact us at The Smith Investigation Agency. Our highly trained and skilled investigators will uncover all the important information you need to help keep your business protected from harm.
About the Author
Whitney Joy Smith
Founder of The Smith Investigation Agency in 2014, Whitney Joy Smith’s extensive background as a private investigator is matched only by her passion for the role. A graduate of several respected institutions, including Northwest Florida State College and George Brown College, her early years in life were spent between Canada and the United States. This education, along with her formative years as a private investigator in various agencies, informed much of her knowledge of private investigative laws, regulations, and operating standards in both countries.
The recipient of numerous industry awards and accolades, including the Consumers Choice Award, Best in Ottawa, and many others, Whitney takes pride in working closely with her ever-growing agency to raise the bar, maintain compliance, and meet the investigative needs of clients. Whitney is active in various membership and supporting roles, including the CPIRC, CBN, CAPI, Canadian Women’s Chamber of Commerce, and many others. Her experience-driven, thought-provoking articles have been featured in everything from Readers Digest to Business News Daily, and she strives to continually redefine standards for those in the private investigative and security fields. Learn more about Whitney and the team at The Smith Investigation Agency today.
