Do you want to know the background of your vendor, employee or business associate? In a global business environment, the need to know your partner is more vital than ever. Being originally a kind of due diligence “Know your partner” gives you insights about internal procedures and status of your business partner. It can also help you answering the following questions:
Can you rely on your partner / reseller?
Has he acquired all needed approvals & licenses?
Can your contractor provide services of expected quality?
What references of the contractor are available?
Can we predict future bankruptcy of the partner or decrees in his ability to pay invoices?
Negative information acquired through our process need not be a deal killer. Such information often offers opportunities for deals to be negotiated on better terms and structured to mitigate the identified risks. KYP in particularly is cost effective when undertaken in the early stages of a project, as it can identify issues before a commitment to invest considerable financial expenditure and management resources is made.