Be proactive with your due diligence
The term ‘proactive’ refers to a behaviours or a mindset that involves taking the initiative and anticipating future events, needs, or potential challenges before they arise. It is about being prepared and taking control of situations rather than just reacting to them. This type of approach is vital in your due diligence and KYC processes.
Take it from me, it is far too late when the regulator arrives on your doorstep to conduct an inspection. Or someone informs you that a client of yours is in some way connnected to ‘adverse information’.
Being proactive involves;
- Keeping up to date with trends and training staff.
- Conducting periodic reviews of your client base.
- Having written policies and procedures, that are conveyed to staff.
- Understanding what your risk tolerance is.
- Ensure records are kept, as that old saying goes, ‘If it’s not written down, it never happened’.
My company has a wealth of experience in investigations, training and technology. Do you need help or support? Feel free to reach out.
Colin Tansley – CEO Intelect
