How to Perform Due Diligence on International Business Partners

Fraud exposure can cripple an organization. It is significant that each organization look for ways in which it can assess its own level of exposure to fraud and develop a set of policies and procedures to help mitigate the risk of fraud. This article will describe several steps that organizations can take to better understand those with whom the organization is doing business.

Access to Public Records

Does your business take advantage of public records? In particular, if you need access to public records like court and banking records, would you know how to do it? Would you also know how to access these kinds of records in a short period of time? There are a lot of reasons to access such records, and access to these records can help the business better understand whom you are doing business with.

Get to Know Your Business Partners

Who are you really doing business with? Consider the risk that companies expose themselves to each day during daily business transactions. Also, consider the risk to which companies are exposed by not doing due diligence against businesses and the people with whom they do business. By incorporating the additional step of national and international due diligence procedures, businesses can consult the following types of records: judgments, lawsuits, UCC filings, surveillance list searches, media publications searches, bankruptcy records, encumbrance’s fiscal and more.

Fraud Risk within the Real Estate Sector

The rise of mortgages and the subsequent consequences have led to special attention being paid to the risk of fraud within the real estate business. Know the impact of a valuation fraud within a real estate transaction. Lenders need assurance that the appraisal of the property for which they are about to issue a loan is correct and is not inflated to offer higher sales commissions. By performing international due diligence and verifying professional credentials, the credit organization can have a better understanding of the people involved in the transaction that they are reviewing. Learn more.

Leveraging Technology to Access Records

Technology has made advances in how to find public records. The need for trips to the town hall or a local public library is over. Advances in Internet technologies have allowed an additional layer of transparency within the organization. Information like SSN verification services and identification authentication services can be given transparently and on-demand because of advances in database technologies. For the person who is concerned about those with whom you are partnering in a real estate transaction or another type of business relationship, you now have an additional set of solutions at your disposal to help mitigate the risk of fraud.

The sensitivity for exposure to fraud goes beyond the real estate sector. Think of several organizations and verticals with which you and your company work daily. It is essential to have the right tools to consult when the issue of global due diligence and exposure to fraud arises. There is a large amount of information available that companies can consult. The next time you discuss the issue of fraud exposure within your organization, remember to consider the technologies available to better address your organizations due diligence needs.