Enhanced Due Diligence
Relying on reputation, a referral or a recommendation alone is no longer a sensible business strategy, even if you’ve spent time with a new business partner or deal team. Understanding the unvarnished picture of someone’s background, as well his or her personality traits, is how smart investors look around corners to anticipate unseen risks and make better decisions.
In a turbulent world of economic fluctuations, the temptation to falsify earnings, overvalue assets, and otherwise ‘cook the books’ has increased exponentially. Unregulated and misunderstood financial vehicles are breeding grounds for theft, misappropriation and mismanagement.
In this environment where information can make or break a business decision, knowing who you are dealing with, along with what they do and how they do it, is paramount to prudent investment and hiring. It is critical to institute a robust due diligence requirement, or expand old practices to reflect the ever-growing risks and pitfalls that define the current business environment.
Soraya has performed enhanced due diligence investigations for clients in need of comprehensive background information about new investments, business relationships, and prospective partners. Our services have been utilized by large and small companies, financial institutions in lieu of or as a supplement to in-house research and compliance units, and many of the world’s best known law firms.
From vetting potential partners in Japan or Europe to ascertaining business relationships from South Africa to Nigeria, we assist businesses and their counsel in every corner of the world. Formulating investigative strategies for businesses is a feature of our multidisciplinary research and investigative teams and we take a bespoke approach to each assignment. Our unique capabilities have been recognized by corporations, financial institutions, and law firms throughout the world.
With extensive sources in Europe, South America, the Middle East, Asia, Eastern Europe, Australia, and Africa, Soraya’s capabilities are global. All inquiries are conducted with complete discretion and confidentiality by our field investigators, many formerly associated with government, defense and intelligence agencies. Soraya’s field investigators are also supported by a sophisticated research division, drawing information from more than 2,000 databases and a network of relationships with law enforcement agencies and special sources developed over a decade of business in the investigative field. Soraya uses cutting-edge artificial intelligence and other technologies, and scours the Dark Web on behalf of our client to make sure that critical information that could be utilized by bad actors is not overlooked.
Whatever the need, Soraya has the ability to rapidly assemble an integrated, international team of investigators, researchers, fraud examiners and sources who are ready to provide vital, timely and essential services for all types of situations.
All of our many services are rendered with the Soraya hallmark: diligence, discretion, thoroughness, and responsiveness.
Who you work with is your business—-making sure they’re legitimate is ours.
Comprehensive Due Diligence Investigations
Soraya’s thorough background investigations provide clients with fundamental compliance checks on parties involved in impending transactions. As described above, it is the most comprehensive examination in the industry.
These investigations include, as applicable:
- Verification of the subject’s identity (address and social security number check to prevent false identification fraud)
- Civil records check
- Criminal background check
- Name screening on government terrorist and criminal lists
- Nationwide bankruptcy search
- Property search
- Country-wide media review
- Social media review
- Violent Sex Offender/Predator scan
- Professional license, education and credential verification
- Lien and judgment search
- Determining if the targets or their companies are under investigation by government regulatory agencies
- Review of the Deep and Dark Web
Enhanced Due Diligence Investigations
Soraya frequently begins its investigations with a phase approach. We work with our clients to lay out an investigation focused on the public records and media available to help determine critical details about a subject’s history and profile. In the U.S, Canada, much of Western Europe and a few other locations around the world, we can provide our clients with solid information due to the strong rule of law and independent media characteristic in these parts of the world.
For persons or companies red-flagged as a result of Soraya’s basic compliance investigation or for suspicious activity, Soraya recommends an enhanced DD investigation. Soraya also recommends enhanced DD in many parts of the world where public records and media reports cannot be counted for their reliability or veracity.
This type of investigative due diligence encompasses all of the basic compliance components, but adds additional key elements as necessary. These investigative initiatives may include:
- Deployment of local field investigators;
- Reputation inquiries – identifying, locating and interviewing people who know of or have done business with the target to determine their general reputation and standing, business dealings, and associations
- A financial profile of the person or company.
Soraya has offices throughout the world and confidential sources in most countries. As part of enhanced due diligence investigations, Soraya’s field investigators can conduct more comprehensive reputation inquiries by making use of resources and relationships available only at the local level. This includes verification of physical assets listed as collateral or otherwise; and contact with local law enforcement personnel, government and industry sources for additional information or inquiries.
The Soraya Edge
The recent proliferation of cyber-attacks, new generations of fraud and identity theft schemes, and the expansion of business and markets to an ever-expanding array of countries have heightened the risks associated with conducting business in the global marketplace. This dynamic has led to an explosive growth in database software and investigation firms, all purporting to provide the solution to a company’s due diligence needs. Two problems, however, are associated with this “solution.” First, companies often overestimate the scope of information available by way of databases (see above regarding public records and media reports). Second, most emerging intelligence firms do not have the resources, experience, and contacts necessary to conduct sophisticated investigations.
Many companies (new and old) are trying to break into the due diligence market by making extravagant promises about costs and results. A close examination of these “due diligence programs” reveals that they simply punch a subject’s name into Lexis/Nexis or similar database and report any findings. A single database source cannot access the volumes of information available in the public domain, nor can most software programs provide information from foreign jurisdictions. Also, some firms are selling “due diligence” software to allow companies to conduct their own research. Bear in mind any software that is not updated daily is obsolete. Furthermore, although it may sound appealing to handle these investigations in-house, the cost of training employees to the point where they are experts can be prohibitive, and simply may not be possible.
Complex investigations often require techniques and relationships that can be developed only over time, and via experience; they also require field work and face-to-face meetings. As appealing as it may be, these tasks cannot be done by using a single database or computer search engine; an expert investigator must be deployed. Additionally, internal employees and emerging investigation firms do not have the capabilities and breadth of experience to satisfy the demands of complicated investigations, particularly if the due diligence involves parties overseas.
Institutions should carefully choose their investigative provider, examining the provider’s years in operation and existing client base, and obtaining references from the investigator’s clients. Soraya has been in operation for over a decade and we are pleased to provide references upon request.
How Soraya Operates
Soraya’s business philosophy has always dictated that we will not take on work when we are not confident we can be effective. Therefore, clients are advised to provide Soraya in advance with all pertinent information about the prospective target, as well as any concerns regarding the investigation. In return, a detailed written proposal detailing the scope of investigation, the case budget, and the case timelines will be prepared within 24-48 hours.
The case budget will be based on some of the following factors:
- Quantity and quality of information provided at the outset by the client;
- The scope of services;
- Number of persons or entities to be investigated;
- Geographical location of the targets;
- Number of geographical locations.
Soraya can be placed on retainer to handle volume on an annual basis or to investigate large groups of employees, jury panels, or account holders on a case-by-case basis. Fee arrangements will be adjusted accordingly.
Geographical Considerations
An investigation of an individual in Kenya will be much less costly and quicker than one on an individual in Dakar, Senegal. In order to provide clarity and predictability, Soraya has created a system of geographical zones to conduct investigations in countries all over the world.