Today’s business environment requires organizations to conduct substantial checks on employees, contractors, and service providers to determine the expertise that they possess for the job. This is particularly the case in Thailand, where most sectors are significantly policed and may demand particular authorizations and approvals to work.
That is where you could use credentials due diligence. It is a category of due diligence in which specific requirements are applied to scrutinize individuals or companies’ authenticity and currency. Sometimes it may include confirmation of education levels, certifications, licenses, experience, and other vital data.
Here are some reasons why companies in Thailand should consider conducting credentials due diligence:
- Avoiding hiring unqualified employees – The consequences of hiring an employee with falsified documents may result in negative impacts such as loss of company reputation and money, legal consequences, and legal suits among others. By avoiding such occurrences, the purpose of performing the Credentials Due Diligence can be understood in such a way that it eliminates the possibility of hiring a candidate who is not academically fit for that position.
- Ensuring regulatory compliance – Most industries in Thailand are highly regulated and only those having complied with the legal formalities that are procedural to their operations legally are allowed to operate. Overall, the CDC can assist in controlling and preventing any compliance risks resulting from non-compliance with these regulations and subsequent fines, penalties, and legalities.
- Protecting company reputation – Contracting with a company that is staffing an employee or a fake or otherwise uncredentialed partner is risky and undermines a company or business’s reputation and trustworthiness. Credentials Due Diligence can be used to make sure that companies do not get associated with fraudulent or disliked partners, which would later affect their business reputation.
- Mitigating risk – It enables companies to establish Credentials Due Diligence, which tends to avoid downside risks that are related to a certain person or firm. For instance, if you are unable to ascertain his or her background, then this may be indicative of the fact that the employee is not honest, or that he or she has something to ‘hide’.
Within the framework of the credentials due diligence procedure, OSINT can be useful for verifying information. It is advisable to collect information about the person or the company name from the public domain to support the information that they give you this way. OSINT can be used in preliminary investigations where the investigator has some leads for the investigation but would like to get other information about the person/company. This can be from social media Twitter, newspaper articles, blogs, etc.
Credentials due diligence is an important procedure that companies in Thailand have to conduct to verify the identity of a person and his/her/his solvency to guarantee successful cooperation. It can serve to stop legal problems, save the image of the organization, and avoid certain risks related to the presence of unmotivated or dishonest personnel. Companies should seek services from a professional due diligence company in a bid to have proper and accurate verification.
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