Implementation and Monitoring
The specific components in developing and implementing a due diligence system will vary greatly depending on the status of existing systems and the corporate culture. (Corporate culture is a huge factor, and one worthy of study and attention.) Once the foundations have been established, a list can be produced targeting specific projects, resources, responsibilities, and deadlines. Some of the projects that might be incorporated include:
- Due Diligence Audits of each Department
- Developing Due Diligence Decision-Making Specifications, Policies and Procedures
- Identification of under-performing corporate decisions;
- Review diligent decision specifications in each area of the organization, such as acquisitions, financings, research and development, geographic expansion, and hiring practices;
- Define the due diligence processes required for corporate events;
- Set overall corporate due diligence objectives;
- Monitor due diligence objectives progress;
- Inform vendors of the company’s commitment to high quality services;
- Require vendors to have good due diligence practices;
- Build in information on the due diligence system in the organization’s publications, including product literature, newsletters, advertising, and the annual report;
- Create a risk minimization system;
- Involve state and national regulatory agencies in a proactive fashion to promote goodwill and head off difficult securities problems;
- Educate the company’s personnel on the needs and benefits of diligent processes;
- Reward and recognition systems tied to due diligence efforts.
Click here to learn more about Better Due Diligence.
Charles F. Bacon, CEO & Keeper of the Vision
charlesbacon@superdiligence. com
Due Diligence, Inc.
