Every International due diligence firms should ask itself some questions about the possibility of fraud. Eg:
- How much are you exposed to fraud in your organization?
- What consequences can arise in case of possible fraud?
- What measures has your organization taken to reduce the risk of potential fraud?
The impact of fraud can damage the organization. It is important that every organization looks for ways to assess its level of susceptibility to fraud and develop a set of policies and procedures to help mitigate the risk of fraud. This article describes several steps that organizations can take to better understand those with whom the organization works.
Access to public documents:
Does your organization use public records? In particular, if you need access to public documents, such as court documents and bankruptcy, do you know how? Do you know how to access these types of documents in a short time? There are many reasons to access these records and access to these records can help an organization understand and understand who it is.
Know your business partners:
Who do you really do business with? Consider the risks that companies face every day during normal commercial operations. Take into consideration the risks faced by companies, without Due diligence International on the organizations and people with whom they have business relationships. By integrating a further phase of national and international due diligence procedures, companies can request the following types of documents: lawsuits, judgments, UCC applications, view of the list of opinions, media research, bankruptcy, tax privileges, etc.
Can you think of other cases where due diligence can add value to your organization or to your market sector? Let’s take a look at the risks in the real estate sector.
The risk of fraud in the real estate sector:
The boom in mortgages and subsequent collateral effects has led to special stresses on the risk of fraud in the real estate sector. Consider the influence of fraud with valuation in a real estate transaction. Those who lend money need guarantees that the valuation of the property they are about to issue is correct and not overvalued in order to provide higher commissions. By performing Due diligence International and verifying professional credentials, the lender can better understand the people involved in the transaction they are considering. More details here: http://smallbusiness.chron.com/accounting-due-diligence-procedures-4723.html
Current events have shown that mortgage fraud is a type of dangerous fraud that can have a draining effect on the economy. Today, the need to mitigate real estate fraud can not be greater. Technology has simplified the understanding of those with whom you are engaged in real estate business and other sectors.
Use document access technology:
Technology has made progress in the way public documents can be found. No trips to the mayor’s office or local public library are required. Success in Internet technologies has provided an additional layer of transparency within companies. Information, such as the SSN authentication service and the authentication ID service, can be provided transparently and on demand by promoting database technologies.
For a person who is concerned about who is collaborating in a real estate transaction or other type of business relationship, he now has a number of additional solutions that can help mitigate the risk of fraud.
The sensitivity to fraud goes far beyond the real estate sector. Think about the different organizations and sectors with which you and your business work every day. It is important to have the right tools to refer to Due diligence International. There is a lot of information available for companies. The next time the fraud issue is discussed in your organization, make sure you think about using the available technologies to better meet the needs of your due diligence organization.