Industry Insight – Providing a new level of Due Diligence
We have recently seen a substantial increase in requests for Industry Insight research and interviews complementing our background checks and due diligence.
The driving force behind this seems to be an increase in regulatory requirements and scrutiny as well as “good governance”. A large proportion of the Industry Insight interviews we conduct are in relation to senior executive hires or directors of listed companies; as well as listed companies themselves.
But what does Industry Insight entail and why is it such a vital part of enhanced due diligence? Industry Insight is a qualitative research tool that complements and adds value to quantitative data and information in respect of individuals, entities and markets. It provides clients with deepened understanding and valuable context in respect of people, entities, and events/circumstances. It is especially valuable when trying to capture sensitive or adverse information; such as previous litigation and bankruptcy.
Conducting Industry Insight interviews requires skill and a great deal of preparation, including full and proper background research to enable the interviewer to gain maximum benefit. To obtain quality responses the interviewer needs to know when and how to adapt lines of questioning or probe for further information or explanations.
A standard list of questions is not sufficient. It is also important the credibility and relevance of the interviewee is thoroughly researched beforehand.
The interviews can be face-to-face, although telephone interviews are more common as they are more time/cost effective and not restricted geographically.
In most cases the individual will consent. However, in light of the new GDPR provisions, where an imbalance of power exists, this needs to be carefully considered. Discreet or covert interviews can also be conducted, when required.