15 step by step guide on how to perform due diligence using osint tools, such as irbis

Carrying out due diligence is a crucial element of any business deal, merger, or acquisition, as it assists in evaluating the risks and benefits linked to a potential agreement. Essentially, due diligence acts as an in-depth examination of a target company’s background, financial status, and operations, offering stakeholders the necessary data to make well-informed decisions. 

Table of Contents

Three key factors highlight the significance of due diligence:

Due diligence aids in discovering potential risks associated with the target company, such as legal problems, financial instability, or operational difficulties. By revealing these risks, stakeholders can make more informed decisions about whether to proceed with the transaction or renegotiate the terms, thus safeguarding their investments.

A thorough due diligence process provides a complete view of the target company’s present situation and future potential. This comprehensive perspective allows stakeholders to accurately assess the target company’s worth and make informed decisions about the potential return on investment.

Many industries have strict regulatory requirements, and noncompliance can result in substantial fines, penalties, or damage to reputation. Due diligence confirms that the target company complies with all relevant laws and regulations, reducing the chances of legal and financial issues after the transaction.

Conducting due diligence is an essential step in any business transaction, as it enables stakeholders to minimize risks, make informed decisions, and ensure regulatory compliance, ultimately protecting their investments and promoting long-term success

Here are 15 Steps To Perform Due Diligence Checks

  1. Define the scope: Before starting the due diligence process, identify the target company, key individuals, and the specific objectives for your investigation. Determine the level of detail required and any specific risk areas to focus on. No specific OSINT tool needed, but you may use a project management tool like Trello or Asana to organize your objectives and tasks.
  2. Assemble a team: Create a team with relevant expertise in OSINT, financial analysis, and other fields as necessary. Assign roles and responsibilities to each team member. LinkedIn can be used to identify and recruit professionals with the required expertise.
  3. Gather initial information: Begin by collecting basic details about the target company, such as its name, registration number, address, website, and key executives. Google search and the target company’s website are good starting points for collecting basic details.
  4. Verify company registration: Use Irbis’ Profiler feature to generate accurate and reliable company information, including registration and ownership details, in real-time.
  5. Investigate company history: Review the company’s history, including major milestones, events, and any significant changes in its operations or ownership. Google search, news archives, and industry reports can help you review the company’s history and major milestones.
  6. Analyze financial performance: Obtain and analyze financial statements, credit reports, and other financial data to assess the company’s performance, solvency, and overall financial health. Orbis or Preqin can be used to obtain financial data and credit reports on the target company.
  7. Review legal and regulatory compliance: Research the company’s compliance with relevant laws and regulations, including industry-specific requirements, labor laws, environmental regulations, and tax obligations. Access relevant government or industry databases, such as the Environmental Protection Agency’s ECHO database, to check the company’s compliance with regulations.
  8. Examine management and key personnel: Conduct background checks on the company’s key executives and other relevant personnel, using OSINT tools such as Irbis’ Profiler, which can track their activity across the web and detect suspicious social connections.
  9. Assess operational risks: Evaluate the company’s supply chain, production processes, and product quality to identify any potential risks or vulnerabilities in its operations. Industry reports and databases, such as Panjiva or ImportGenius, can help you evaluate the company’s supply chain and production processes.
  10. Investigate customer and supplier relationships: Research the company’s key customers and suppliers to assess the strength and stability of these relationships. Use tools like Owler, Glassdoor, and industry-specific databases to research key customers and suppliers.
  11. Evaluate market position and competition: Analyze the company’s competitive landscape, market share, and growth potential within its industry. IBISWorld and Statista can be used to analyze the company’s competitive landscape and market share within its industry.
  12. Identify litigation and disputes: Search for any past or ongoing legal disputes involving the company, its executives, or its products, using public records and news archives such as Public Access to Court Electronic Records (PACER) and Justia.
  13. Assess reputation and media coverage: Review news articles, industry reports, and social media mentions to gauge the company’s reputation and public perception. Irbis’ Web Intelligence feature can be used to monitor keywords, hashtags, and online groups on social media to track the company’s reputation and public perception. Additionally, Google News, Factiva, or LexisNexis can be used to review news articles and industry reports.
  14. Review and analyze findings: Compile and analyze the information gathered during the investigation, identifying any red flags, areas of concern, or potential opportunities. Analyst’s Notebook or Maltego can be used to visualize connections and patterns in the collected data, which can aid in the analysis of your findings. This step is crucial, as it helps you draw conclusions and make informed decisions based on the data you’ve gathered.
  15. Prepare a due diligence report: After thoroughly reviewing and analyzing the findings, it’s time to put everything together in a comprehensive due diligence report. This report should include all the information you’ve collected, along with your analysis, conclusions, and recommendations. Use a word processing tool like Microsoft Word or Google Docs to create a well-structured document, ensuring that it is clear, concise, and easy to understand. The due diligence report serves as a valuable resource for stakeholders and decision-makers, helping them evaluate the target company and make informed decisions.

By meticulously reviewing and analyzing the findings, you’ll be able to identify potential risks, areas of concern, and opportunities. The final step, preparing a due diligence report, serves as the ultimate culmination of your efforts, presenting a clear, concise, and well-structured document that stakeholders and decision-makers can rely on when evaluating the target company. By following this comprehensive guide, you’ll be well-equipped to conduct an effective due diligence investigation, making informed decisions that safeguard your investments and promote long-term success.


Learn More About OSINT For Due Diligence From These FAQs

Open source intelligence (OSINT) is essential for due diligence investigations, as it involves gathering and examining details from publicly accessible sources. Some primary data sources used in OSINT encompass Companies House for corporate registration data, customer KYC (Know Your Customer) databases for identity verification, and social media platforms for tracking public opinions and reputational risk.

OSINT techniques cover a broad spectrum of methods, including searching for pertinent information on the surface, deep, and dark web. Law enforcement agencies and companies often employ OSINT to support their anti-money laundering (AML) initiatives, as it assists in detecting potential hazards related to business partners or transactions. In addition to open source data, some investigations might also necessitate human intelligence (HUMINT) to gather insights not available through public channels.

An improved due diligence process involves collecting data points from various open source information sources and incorporating human intelligence when required. By accessing a wealth of publicly available information, such as Companies House records, social media activity, and law enforcement databases, investigators can create a more comprehensive and accurate profile of the target company, its key personnel, and business partners. This extensive approach minimizes reputational risks and guarantees informed decision-making.

When combined with OSINT techniques and other investigative methods, open source data offers a powerful tool for managing risks associated with business transactions, mergers, and acquisitions. By monitoring social media, analyzing publicly available information, and even diving into the deep and dark web when necessary, businesses can identify potential risks and make more informed decisions regarding their investments, partnerships, and overall strategy.

Customer KYC (Know Your Customer) is an essential aspect of due diligence investigations, as it helps verify the identity of customers, clients, and even business partners. By conducting thorough KYC checks, companies can assess the risk of doing business with a particular entity, thus minimizing the likelihood of getting involved in fraudulent or money laundering activities. Implementing stringent KYC processes ensures compliance with regulatory requirements and promotes a strong risk management culture.

Social media platforms have become invaluable sources of information in due diligence investigations, as they provide insights into the public perception, customer sentiment, and reputational risk associated with a target company. By analyzing social media activity, investigators can uncover potential red flags, such as negative customer reviews or controversial statements made by key personnel. Social media monitoring also helps in identifying trends, understanding industry dynamics, and gauging the target company’s online presence and reputation.

Law enforcement databases serve as vital resources for due diligence investigations, as they contain records of criminal activities, ongoing investigations, and legal disputes involving the target company, its personnel, or business partners. Accessing these databases helps investigators assess the legal and reputational risks associated with a potential transaction, ensuring that companies avoid entering into partnerships with entities that could harm their reputation or expose them to legal liabilities.

While open-source information provides a wealth of data for due diligence investigations, human intelligence (HUMINT) can offer insights that may not be available through public channels. Combining both open-source information and HUMINT enables investigators to create a more comprehensive and accurate profile of the target company. Human intelligence can include interviews with former employees, industry experts, or even competitors, which may reveal crucial details that could impact the decision-making process. The synergy of open source information and human intelligence leads to a more robust due diligence process, ensuring well-informed decisions and effective risk management.

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  Posted by: @ESPYER

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15 step by step guide on how to perform due diligence using osint tools, such as irbis

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