Physical site visits are a necessary part of due diligence processes. We examine 3 scenarios when they are invaluable and how you can get the most value from a site visit.
On the other hand, a physical site visit for employees is a process by which an employer can verify the employee's current address and employment status. The purpose of this verification is to ensure that the employees are working at the correct location and to protect both the employer and employee from potential fraud or theft
Our Physical Site Verification, Visit (Site Physical Visits & Survey) & Inspection
Compliance due diligence isn’t always straightforward, especially when it comes to global information collection. While significant swathes of records are available online, in-person information gathering is still required for certain pieces of essential data. Physical site visits still form a part of many due diligence processes, especially where independent verification of an address or location is required.
Common scenarios include confirming that a company actually has an office at its registered address or verifying a residential address that has been highlighted on corporate registries.
Our Physical Site Verification, Visit (Site Physical Visits & Survey) & Inspection: Its Importance & Challenges
Due diligence analysts will know the difficulties associated with managing this information request on a global scale. Finding & managing multiple individual subcontractors to conduct site visits can be a huge undertaking. So what should you be asking for when it comes to site visits & how do you get the best possible information from an on-the-ground investigator?
We take a look at some common due diligence challenges that benefit from a physical site visit & offer some suggestions for getting the most from your site visit.
Challenge 1: Supporting OSINT Research
The depth of OSINT (open-source intelligence) research for due diligence will vary by organization, as well as by jurisdiction. It will generally include image analysis & analysis of map data, providing analysts with a lot of rich, unverified, information. But this type of information gets out of date quickly, & establishing the exact date an image was taken can be a challenge in itself.
Take Google Maps for example: images are generally updated every one to three years, in some cases even less frequently. In other scenarios there may be no open-source imagery at all, or your OSINT research is missing some critical information that is specific to your due diligence requirements.
Using a site visit to gather the most up-to-date information allows you to compare it with your OSINT & answer some of the outstanding questions you might have. You can check it against your previous sources & establish what has changed or what is new.
What’s more, information gathered by an on-the-ground investigator can provide a wealth of new intelligence. OSINT research can be hyper-focused on one aspect of a case or an image, but an investigator walking around the neighborhood can gather information without these boundaries.
Challenge 2: Verifying A Business Presence
Research of company records is a vital part of the due diligence process. Whether you're retrieving records online or offline, checking corporate registries is essential for establishing who owns a company, its financial status & who controls or oversees its operations.
However, checking these records often only tells you what information the company has independently filed. And while there are severe penalties for filing false information, it's an unfortunate fact that this does not always deter bad actors.
Sometimes the best way of checking a business's operations is active, is turning up or in real existence, involves having a look at them in person. The colossal fraud that occurred at Wirecard is a stark reminder of the importance of site verification as part of the due diligence process.
From a corporate records perspective everything was fine, the filings looked in order, but a simple site visit exposed some shocking truths about Wirecard. Its third-party partners in the Philippines were famously exposed by Financial Times journalist Dan McCrum as a world away from the picture gathered in corporate records. Addresses linked to the payment businesses were in fact found to be a residential home for a surprised Filipino fisherman as well as a holiday coach company.
Challenge 3: Verifying A Residential Addresses
Once more, verification of a residential address is a pillar of due diligence research. Unfortunately there is no consistent standard for remote verification across sectors & jurisdictions.
While electoral rolls & credit records can help you verify residence electronically in developed countries, this only works with people who have credit histories or who vote & choose to share their data. These types of records work less well with younger people in big cities who tend to move more often, especially if the address they live in has changed over time. Requesting documents can help with this but often they're just utility bills & bank statements which are easy to counterfeit.
In many cases where there is missing or unclear information, or when online address information just doesn’t exist, a site visit can be the most effective alternative. Using an on-the-ground investigator to confirm the address, check the name on the mailbox & in some instances talk to the concierge or neighbours, can overcome this common due diligence challenge. Â
Our Address Verification / Physical Site Visits Services
Our Address Verification Services are a process used to confirm the accuracy of an individual's or business's physical address. This service verifies the validity of an address & helps ensure that important information, such as bills & packages, is delivered to the correct location.
Why Our Address Verification Services / Physical Site Visits?
Address Verification Services are necessary to ensure the accuracy & validity of an individual's or company's address information. It helps to reduce the risk of fraud, increase data quality, & comply with government regulations. These services verify addresses by comparing them to authoritative sources & validating their existence & current status, providing a crucial step in the background check process.
Our Address Verification Services / Physical Site Visits Benefits?
Address Verification Services typically include checking and confirming the accuracy of an individual's or company's address information. This can include validating the street address, city, state, & postal code, as well as cross-referencing the information with databases to ensure its legitimacy. The goal of these services is to confirm the accuracy of the address information provided, reducing the risk of fraudulent or incorrect information.
Our Protocols For A Site Visits / Physical Site Visits
Maximising the value of information gathered as part of a site visit requires clear communication with your on-the-ground investigator. A little bit of direction prior to the visit can provide much richer intelligence & prevent additional costs with repeat visits. Here are some key points that you should keep in mind.
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With a network of over 500 sources in 250+ jurisdictions, Augustus Hall Limited can help you manage the burden of information & data gathering. From enhanced due diligence & human source enquiries through to site visits, we offer an agile & transparent solution that removes the hassle from your workflows. Get in touch today for help with your global site visits and more.
Our Address Verification Services / Physical Site Visits: Additional Benefits
Collecting & reviewing Vendor / Prospective Client Information based on inherent risk is a fundamental part of the due diligence process.
Site Visits offer several advantages:
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Our Address Verification Services / Physical Site Visits: Other Key Indicators
While conducting a site visit, be alert for the following Common Red Flags:
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Discuss these findings with the vendor / prospective client & ensure resolution. If necessary, escalate...
Remember, vendor / prospective client site visits contribute significantly to your overall third-party risk management program. They provide valuable insights and enhance your due diligence efforts.
Our Service Terms & Conditions
Note:Â
Having access to this type of private data, however, comes with rules, criteria, regulatory compliances, due processes, official approvals, administrative protocols, restrictions, usage terms & conditions, & other regulations governing it.
Augustus Hall Limited may officially reject your applications or orders based on the aforesaid, & for many other reasons, or criteria that does not conform to our objectives, principles, ethics, norms, standards, generally accepted practice.
Such request for Verifications Services are only granted or carried out or conducted solely for strictly verified entities, receiver, beneficiary, or recipient with vetted aims & objectives of which the ultimate utility of such verification service is vetted & traced to fulfilling generally accepted principles, aims, & objectives as regards to Risk Assessment, Risk Valuation, Risk Control, Risk Mitigation, Risk Management, Risk Intelligence, Risk-based Decisioning, etc.; which altogether must be seen to amount to transparency, restorations & preservations of Trust, Value, Assets, Investments, Common Wealth, Security, Integrity, Ethics, Governance, Business Development, Business Continuity Management, Business Sustainability Management, Humanity, Equity, Balance, etc.
Our Due Diligence Capabilities & Access are Wide Ranging.
For more information on how we can provide further insight for you, your business, or your clients, we would encourage you to contact us to Buy Now or Subscribe or Discover more.
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