Helping companies do the best possible due diligence |
Sep27 |
 What is Augury Due Diligence?
Augury due diligence is required for some people. The first person to email me the accurate answer to this question will get a 50% discount on a Business Plan Reality Check.
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Sep 5 |
Conducting Background Investigations in the Middle East by Guest Author Zafar I. Anjum, CEO, CRI Group In the complex world of employee background screening, no two countries are alike. In the United States, investigators have a web of databases at their disposal and a vast network of local resources that provide a wealth of information at the mere click of a mouse.
It’s a different world in the Middle East. Technology is limited in many parts of the region. Privacy legislation varies from country to country and from jurisdiction to jurisdiction. Cultural differences impact the flow of information, and language barriers contribute to inaccurate reporting. Instead of the typically database-driven investigations such as those that are conducted in the United States, background investigation professionals in the Middle East must conduct large parts of their investigations literally on foot, often traveling to remote regions to scour records and interview sources. Simply put, if you’re looking for accurate, reliable information in the Middle East you need to turn to qualified and experienced professional sources that are familiar with the countries, cultures, terrain, languages, resources and – most of all – the laws that govern personal privacy. In this part of the world your contacts and resources are your greatest asset. Discovering Hard-to-Find Facts in Hard-to-Reach Locations The biggest challenge to conducting background investigations in the Middle East is collecting reliable information in the most efficient manner. This requires a well-trained and diverse group of professional investigators who are multilingual, multi-cultural, are familiar with those geographic regions, and can easily traverse the obstacles that often impede international investigations. Those obstacles include:
To address these obstacles, successful background investigators in this part of the world are often required to work deep in the field, traveling to remote destinations to conduct interviews, develop resources and enlist local assistance to verify information. Middle Eastern investigations regularly involve conducting a thorough review of local press records, using online and proprietary databases augmented by manual field research to locate the appropriate public records. This in-depth investigative approach is necessary to bring to light any instances of malfeasance or notable publicly-aired criticism. Seasoned professionals also research all public records that are available within the respective government institutions such as a region’s trial courts, police and regulatory sources, and global sanctions lists. The results of this level of investigative legwork is the collection of timely, well-documented and substantiated information that measures up to the high standards such as those typically required by U.S. firms. Examples of Privacy Laws in the Middle East While reputable screening firms in the United States comply closely with the Fair Credit Reporting Act to conduct domestic background investigations, foreign investigations are much more complex. Middle East countries have no prohibitive legislation that governs the employment screening process. At the same time there is no cooperative legislation and regulation to support background screening services for employee due diligence. However industry professionals must adhere to strict data protection requirements to process consensually based personal information. For instance in Dubai, local police departments provide “Good Conduct Certificates” for employees for immigration purposes, while the Dubai International Financial Centre (DIFC) awards a “Police Clearance” certificate for employee due diligence work. In the United Arab Emirates, data protection laws permit investigators to process sensitive personal information such as criminal history data. DIFC licensed entities must maintain strict adherence to the region’s Data Protection Law of 2007 in order to fulfill ongoing DIFC licensed status. As in the United States, the procurement of personal data in this region – and any subsequent transfer of data outside of the DIFC – may only be attained with the written consent of the individual being investigated. In compliance with the European Union Data Protection Directive, reputable background screening firms typically also adopt a strict stance on corporate self-monitoring by appointing a Data Protection Officer (DPO) whose primary responsibility is to conduct independent audits of our various information processing operations that handle customer and employee data. The DPO ensures that personal data is handled in accordance with all relevant data protection provisions covering online and offline data procurement while complying with local and regional regulations pertaining to individual privacy standards. How to Locate and Partner with Reputable Screening Firms in the Middle East So how does one go about securing a reputable international background screening firm in this region? The following checklist will be very helpful:
Conclusion As the world economy shrinks, a partnership with a reputable international background screening service provider to conduct investigations abroad is essential for maintaining safe programs for your clients, whether it is for employment screening, mergers or acquisitions, technology licenses, or any important business decision. To ensure you are using the best providers available, a little investigating of your own will result in big benefits down the road.
Guest Author CRI Group is a global supplier of investigative, forensic accounting, business due diligence and employee background screening services for some of the world's leading business organizations. A member of the Dubai International Financial Centre, CRI Group safeguards businesses by establishing the legal compliance, financial viability, and integrity levels of outside partners, suppliers and customers for clients. CRI Group maintains offices in Dubai, Islamabad, Lahore, Karachi, Manila, Riyadh and the United Kingdom. Editor
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Jul12 |
Great Diligence Quotes
Learning is not attained by chance. It must be sought for with ardor and attended to with diligence. Abigail Adams, 1744 – 1818, Letter to John Quincy Adams, May 8, 1780 The liberties of our country, the freedom of our civil constitution are worth defending at all hazards; and it is our duty to defend them against all attacks. We have received them as a fair inheritance from our worthy ancestors: they purchased them for us with toil and danger and expense of treasure and blood, and transmitted them to us with care and diligence. It will bring an everlasting mark of infamy on the present generation, enlightened as it is, if we should suffer them to be wrested from us by violence without a struggle, or be cheated out of them by the artifices of false and designing men. Samuel Adams, 1722 – 1803, Article published 1771 Everything yields to diligence. Antiphanes, 408 to 334 BC Diligence is a great teacher. Arabian Proverb Read not to contradict and confute; nor to believe and take for granted; nor to find talk and discourse; but to weigh and consider. Some books are to be tasted, others to be swallowed, and some few to be chewed and digested; that is, some books are to be read only in parts; others to be read but not curiously; and some few to be read wholly, and with diligence and attention. Francis Bacon, 1561 – 1626, Essays Of Studies, 1625 But the idols of the Market Place are the most troublesome of all: idols which have crept into the understanding through their alliances with words and names. For men believe that their reason governs words. But words turn and twist the understanding. This it is that has rendered philosophy and the sciences inactive. Words are mostly cut to the common fashion and draw the distinctions which are most obvious to the common understanding. Whenever an understanding of greater acuteness or more diligent observation would alter those lines to suit the true distinctions of nature, words complain. Francis Bacon, 1561 – 1626 Be a lamp unto yourself. Work out your liberation with diligence. Buddha, c. 563 – 483 BC Decay is inherent in all compounded things. Strive on with diligence. Buddha, c. 563 – 483 BC Every noble work is at first impossible. Thomas Carlyle, 1795 – 1881 Diligence is the mother of good fortune, and idleness, its opposite, never brought a man to the goal of any of his best wishes. Miguel De Cervantes, 1547 – 1616 A great fortune depends on luck, a small one on diligence. Chinese Proverb The expectations of life depend upon diligence; the mechanic that would perfect his work must first sharpen his tools. Confucius, c. 551 - c. 479 BC The gentleman prefers to be slow in word but diligent in action. Confucius, c. 551 - c. 479 BC But when great and ingenious artists behold their so inept performances, not undeservedly do they ridicule the blindness of such men; since sane judgment abhors nothing so much as a picture perpetrated with no technical knowledge, although with plenty of care and diligence. Now the sole reason why painters of this sort are not aware of their own error is that they have not learnt Geometry, without which no one can either be or become an absolute artist; but the blame for this should be laid upon their masters, who are themselves ignorant of this art. Albrecht Derer, 1471 - 1528, The Art of Measurement, 1525. I never could have done what I have done without the habits of punctuality, order, and diligence, without the determination to concentrate myself on one subject at a time. Charles Dickens, 1812 – 1870 Our observation of nature must be diligent, our reflection profound, and our experiments exact. We rarely see these three means combined; and for this reason, creative geniuses are not common. Denis Diderot, 1713 – 1784 I observe the physician with the same diligence as the disease. John Donne, 1572 – 1631, Devotions upon Emergent Occasions, 1624, no. 6 Diligence overcomes difficulties, sloth makes them. Benjamin Franklin, 1706 - 1790, Diligence is the mother of good luck. Benjamin Franklin, 1706 - 1790, 1732 Leisure is the time for doing something useful. This leisure the diligent person will obtain the lazy one never. Benjamin Franklin 1706 - 1790, Poor Richard's Almanack It is more noble to give yourself completely to one individual than to labor diligently for the salvation of the masses. Dag Hammarskjold, 1905 –1961 Labor diligently to increase your property. Horace, 65 – 8 BC Few things are impossible to diligence and skill. Great works are performed not by strength, but perseverance. Samuel Johnson, 1709 – 1784 What we hope ever to do with ease, we must learn first to do with diligence. Samuel Johnson, 1709 – 1784 My share of the work of the world may be limited, but the fact that it is work makes it precious. Darwin could work only half an hour at a time; but in many diligent half-hours he laid anew the foundations of philosophy. Green, the historian, tells us that the world is moved not only by the mighty shoves of the heroes, but also by the aggregate of the tiny pushes of each honest worker. Helen Keller, 1880 – 1968 The leading rule for the lawyer, as for the man of every other calling, is diligence. Abraham Lincoln, 1809 – 1865 Nothing is so difficult that diligence cannot master it. Malagasy Proverb He who labors diligently need never despair; for all things are accomplished by diligence and labor. Menander of Athens, 342 – 292 BC It is the invariable habit of bureaucracies, at all times and everywhere, to assume...that every citizen is a criminal. Their one apparent purpose, pursued with a relentless and furious diligence, is to convert the assumption into a fact. They hunt endlessly for proofs, and, when proofs are lacking, for mere suspicions. The moment they become aware of a definite citizen, John Doe, seeking what is his right under the law, they begin searching feverishly for an excuse for withholding it from him. H.L. Mencken, 1880 – 1956 If the study of all these sciences which we have enumerated, should ever bring us to their mutual association and relationship, and teach us the nature of the ties which bind them together, I believe that the diligent treatment of them will forward the objects which we have in view, and that the labor, which otherwise would be fruitless, will be well bestowed. Plato, 429/427 – 348/347 BC Diligence is a great teacher. Saudi Arabian Proverb Diligence is a very great help even to a mediocre intelligence. -Diligentia maximum etiam mediocris ingeni subsidium Lucius Annaeus Seneca, 4 BC - 65 AD There is nothing which persevering effort and unceasing and diligent care can not accomplish. Lucius Annaeus Seneca, 4 BC - 65 AD That which ordinary men are fit for, I am qualified in, and the best of me is diligence. William Shakespeare, 1564 – 1616 Where luck is wanting, diligence is useless. Spanish Proverb A man of sense is never discouraged by difficulties; he redoubles his industry and his diligence, he perseveres, and infallibly prevails at last. Lord Chesterfield Stanhope, 1694 - 1773 Can the garden afford any thing more delightful to view than those forests of asparagus, artichokes, lettuce, peas, beans and other legumes and edulous plants so different in colour and of such various shapes, rising at it were from the dead and piercing the ground in so many thousand places as they do, courting the admiration or requiring the care of the diligent Gardiner. Stephen Switzer, The Practical Gardener, 1727 If Edison had a needle to find in a haystack, he would proceed at once with the diligence of the bee to examine straw after straw until he found the object of his search. I was a sorry witness of such doings, knowing that a little theory and calculation would have saved him ninety percent of his labor. Nikola Tesla (1857 - 1943), New York Times, October 19, 1931 Persevere in virtue and diligence. Titus Livius, 59 BC– AD 17 Diligence is a good thing, but taking things easy is much more restful Mark Twain (Samuel Langhorne Clemens), 1835 – 1910 When superior people hear of the Way, they carry it out with diligence. When middling people hear of the Way, it sometimes seems to be there, sometimes not. When lesser people hear of the Way, they ridicule it greatly. If they didn't laugh at it, it wouldn't be the Way. Lao Tzu, c.604 - 531 BC, Tao Te Ching
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Dec 1 |
Investment Due Diligence for Corporations Corporate investment strategy is about making choices, and at the end of the day, dealing with the consequences of those choices. The problems with making decisions about investments is that often corporate investment managers do not understand the impact of the decisions on their enterprise, and even worse, are not aware of every aspect of the decisions being made. The key is to make sure that the process is properly founded, planned, monitored, and assessed. A solid corporate investment due diligence program allows each step within the process to be fully understood and the related risks assessed. Investments can be many different types:
A strong corporate investment due diligence process should provide corporate investment decision makers with a complete system. That system should include a list of steps to appreciate their investment wishes, to make their investments, and then to make sure that those investments perform to everyone’s satisfaction. Here is a series of recommended steps to understand and refine corporate investment programs, guiding those investments to perform at their best. 1. Set up Your Investment Fundamentals, including:
5. Monitor the Investments, including:
Charles F. Bacon, CEO & Keeper of the Vision |
Nov 3 |
A Better Due Diligence Process, Conclusion A corporate due diligence system and strategy will help improve financial performance, strengthen competitive positions, expand organizations more effectively, preserve human performance and develop internal know-how. With these improvements, companies are better able to grow through mergers and acquisitions, spin-offs, and alliances. A corporate due diligence system adds new power to the organization, adding to the existing strengths of management and staff, creating more value for a unit or division, as well as improving its abilities and success rate when acquiring or merging with new firms. In a nutshell, it also can help prevent the decision maker from looking like an idiot. The decision to go ahead with a decision will ultimately be based on opinion. One hopes it is an informed opinion. Cable mogul Bill Daniels of Daniels Cablevision, regarded by the industry as "the father of cable television" had a sign on his desk that said it all: "A man's opinion is no better than his information." Click here to learn more about Better Due Diligence. Charles F. Bacon, CEO & Keeper of the Vision |
Oct 1 |
Are You a Member of the Confidentiality Cult? (Part One of a two-part article) Confidentiality agreements, also known as non-disclosure agreements or NDAs, are so prevalent at many levels of business as to be ubiquitous, especially in the United States. Yet, more often than not, these documents and their use are extraordinarily misunderstood, fatally constructed, or incredibly mismanaged. Even more amazing, often all of these issues exist in organizations simultaneously. Protected Intellectual Property Equals Motivation for Innovators to Produce Goods and Services Equals The Continuous Evolution of Society But, over the past few decades, a confidentiality cult has evolved, countless people thinking that they are not allowed to blink unless everyone executes everyone’s confidentiality agreement. The range of inanities is astonishing:
And, perhaps most disturbing, are the many lawyers, accountants and other professionals who believe that they must take this stance, otherwise they are not adequately protecting their clients. Enlightened people know that ultimately there are two ways to protect intellectual property:
The quickest way to damage a potential relationship with that wonderful introduction you worked so hard to find is to insist that nothing can be discussed until “we get the NDA out of the way”. If you approach people this way, the more sophisticated the business person, the more you are going to never develop that relationship. Part Two: Rational Due Diligence Applied to Confidentiality Agreements
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Sep 1 |
Better Due Diligence: Communications and Education A corporate-wide communication and education strategy and system are critical to a well designed due diligence system. People want to know why someone is poking around in “their” stuff. The aim is awareness and understanding about the benefits of sound due diligence practices. One task is to overcome long-standing beliefs that “information is power that ought to be hoarded, not shared”. The message is simple – “We are not seeking fault. We need information from everyone to make this organization successful.” An integrated internal communications strategy will ensure all audiences, regardless of their preferred mode of communication, hear key messages. It’s about setting expectations and then meeting them. Click here to learn more about Better Due Diligence.
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Aug 1 |
Why Every Company Needs a Business Plan Over the decades, I have heard every excuse why a company does not need a business plan. Some of these excuses are very creative, some very silly, some very foolish, some quite daft, some very obtuse, some so ludicrous that no one can fathom the lack of reasoning. One young firm told me they needed data mining more than a business plan. Let’s ignore the obvious question of on what large group of data do they have to perform data mining when they are less than two years old. What will happen to this firm when they go to equity sources, or debt sources, or try to run their firm over the next few years, all without a business plan? Nada… Zilch… Nil… Naught… Nothing… Zero… Zip… In fact, the equity and debt sources will escort them right out of their offices, and the firm will wander, maybe get somewhere, most likely nowhere great. ‘ 'That depends a good deal on where you want to get to,' said the Cat. 'I don't much care where-' said 'Then it doesn't matter which way you go,' said the Cat. '-so long as I get SOMEWHERE,' 'Oh, you're sure to do that,' said the Cat, 'if you only walk long enough.' Lewis Carroll, So… pick any direction … Are you going anywhere in particular? How long can you keep walking?
Charles F. Bacon, CEO & Keeper of the Vision |
Jul 1 |
Fraud Prevention Part Two From Part One: There are countless financial instruments, business documents and corporate/financial structures which are legitimate and have value. However, the con man, huckster, fraudster and scammer will use everyone and everything to part you from your money. Part One also contains a few recommendations to try to stay away from frauds and scams. Part TwoBusiness-Related Frauds & Scams 1. Advance Fee Financing Scams (aka Up-Front Fee Scams): These are those wonderful brokers offering incredible financing for any and all purposes, including paying off all debts, erase bad credit, buy a gold mine, acquire a company, etc. Advance fees range from $10 to hundreds of thousands (even millions!) to cover anything from processing fees, first payments, "I'll hop a plane tonight to Zurich to get your money," etc., etc. Help me keep this list current. Please email me any business-related scams and frauds not shown here, and I will update this list. Thanks.
Charles F. Bacon, CEO & Keeper of the Vision |
Jun 2 |
Fraud PreventionThere are countless financial instruments, business documents and corporate/financial structures which are legitimate and have value. However, the con man, huckster, fraudster and scammer will use everyone and everything to part you from your money. And some legitimate systems are abused or simply overused. Here are a few recommendations to try to stay away from frauds and scams:
The best advice: "If it sounds too good to be true….." "I'm not so much concerned about the return on my principal as I am about the return of my principal." -- Will RogersA Few Fraud Prevention Resources: Financial Crimes Enforcement Network (FINCEN) Internal Revenue Service: Criminal Investigation Division (CID) Secret Service: Financial Crimes Division Securities & Exchange Commission (SEC) The Better Business Bureau: Alerts
Next: Fraud Prevention, Part 2: Compiled List of Business-Related Frauds & Scams
Charles F. Bacon, CEO & Keeper of the Vision |
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