Due Diligence Process
What is Due Diligence Process?
A comprehensive investigation and evaluation conducted before making business decisions such as mergers, acquisitions, or vendor engagements to identify risks.
Frameworks that govern due diligence process
What the standards actually require on due diligence process
Requirements naming due diligence process across 5 standards, quoted from the control text.
The institution has adequate due diligence processes, appropriate contract provisions and provider monitoring procedures for the third parties and other institutions that supply wholesale payment products and services, monitors selected wholesale transactions...
ffiec-it-examination-handbook::WPS-15 · Vendor and Third-Party Management (Wholesale Payment Systems) →An organization may cause adverse impacts, or contribute to them, through their own practices, their supply chains and the design, use or disposal of what they buy;
iso-20400-2017-sustainable-procurement::4.5.2 · 4.5.2 Addressing adverse impacts through due diligence →Address Mandatory Criterion 4 of Modern Slavery Statement under Section 16(1)(d) - describe actions taken by reporting entity to assess and address modern slavery risks including due diligence and remediation.
AU-MSA-Mandatory-Criterion-4-Actions-Section-16-1d-Due-Diligence-Supplier-Code-Worker-Voice-Recruitment-Fees · Australia MSA Mandatory Criterion 4 + Actions + Section 16(1)(d) + Due Diligence + Supplier Code + Worker Voice + Recruitment Fees →There is a clear, robust medium to long term strategy and a defined underwriting risk appetite that takes into account the legacy reinsurance transactions already held on the balance sheet.
principles-for-doing-business-at-lloyd-s::P1a.1 · 1a.1 Legacy strategy and underwriting risk appetite considering existing legacy transactions →The company must assign each part of the due diligence process to accountable staff, give a senior person authority to oversee it, train responsible employees (at induction and by refresher), provide adequate resources, ensure policy, processes and risk inform...
responsible-minerals-initiative-rmi-responsible-minerals-assurance-process::A-1B · All Minerals Step 1B: internal management structure →Questions people ask about due diligence process
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