Individual and entity level background checks (initial and monitoring) are included in our established “Allocator On-Demand ODD” services; however, we are regularly asked if we can provide this as a standalone solution for a broader range of clients. In short, yes we can…
We have partnered with world-class alternative data service providers to integrate deep-dive enhanced due diligence background checks. Using innovative technologies and analytical intelligence tools, we offer actionable investor background checks and risk taxonomy across different jurisdictions and in different languages. We offer tailored alternative data solutions on entities and individuals in turbulent reputational environments and our checks cover ultimate beneficial ownership, regulatory screening, media coverage, and criminal checks.
Prompt background checks are performed by one of our ODD Consultants. He is a multilingual chartered anti-money laundering specialist (CAMS) who previously worked as an arms export analyst at the Israeli Ministry of Defence and as an enhanced due diligence analyst at major financial institutions covering high risk entities and individuals.
Our fees vary based on scope, complexity and ongoing monitoring, but are highly competitive and cost-effective.
The ODD equivalent of a SOC / ISO type report
Whilst timely, useful and in some cases a requirement for institutional firms, a SOC / ISO type report is targeted, limited and, on its own, does not generally fulfil the ODD requirements of investment managers and / or allocators. Such reports are a source of information, but they are not ODD reports.
A Pragmatic Solution for Investment Managers and Service Providers
perfORM can be engaged directly to perform an ODD review and write the detailed accompanying ODD Report. We incorporate a review of these assurance documents and certifications, where available, in our ODD Report, but go further to address the reader’s potential concerns across all operational pillars.
No ‘pass’ or ‘fail’ is awarded. Instead we provide a hierarchical assessment of operational risks; the client will only complete a factual accuracy check of the ODD Report before issue. While we will, where possible, complete an onsite visit, our review process is significantly less onerous and time-consuming than a data-heavy, sample-based controls audit.
Solutions available to ODD Teams
Why use perfORM Due Diligence Services?
Example (for confidentiality actual numbers have been changed)
A perfORM client has a portfolio of approximately 100 manager names in multiple time zones which it wishes to monitor from a reputational risk perspective. It also expects to perform an estimated 20 new reviews in the year. Internal capacity challenges are hindering its ability to bring on new managers/funds, as well as monitor the existing relationships. Ultimately, the inability to allocate and redeem capital on a timely basis is having a negative impact on its own clients’ portfolios.
Technology in-house is limited and the client is also contemplating an ODD platform to use. Reports and programs are managed via Outlook, Word and Excel.
The Solution – partnering with perfORM
The Positive Outcome
The client is now on its way to completing its monitoring program, and internal resources are more efficiently allocated to higher risk managers and investment opportunities that are higher priority.
Please contact us if you would like to learn more about how we could help you achieve these outcomes.