A Better Due Diligence Process, Part 5

[Charles Bacon]

Communications and Education

A corporate-wide communication and education strategy and system are critical to a well designed due diligence system. People want to know why someone is poking around in “their” stuff. The aim is awareness and understanding about the benefits of sound due diligence practices.

One task is to overcome long-standing beliefs that “information is power that ought to be hoarded, not shared”. The message is simple – “We are not seeking fault. We need information from everyone to make this organization successful.”

An integrated internal communications strategy will ensure all audiences, regardless of their preferred mode of communication, hear key messages. It’s about setting expectations and then meeting them. Having a strategic communications plan in place also reinforces consistency of message. Leveraging and integrating print, audio, video, even face-to-face communication reflects stability and consistency.

Internal communications should present (among other things) case studies of corporate success to promote due diligence throughout the organization and highlight the need for every employee to support and protect this corporate activity. Highlight success and the rewards that come with it. Another influential communication method is to publish progress reports showing tangible results. Policies and procedures must also be published as reference tools, customized for each department.

Next: A Better Due Diligence Process, Part 6: Implementation and Monitoring