As Principle Investigators (PIs) you have an important role in facilitating the due diligence process, and should be aware of the due diligence process detailed within the REO Due Diligence Policy/Process document, but we outline the key steps below:
You should assess the level of risk of a project by considering the level of funding and the country risk by referring to the Global Corruption Index and the Overseas Business Risk web pages. A small project in a country which is deemed to be less corrupt is clearly less risky than a large project in a country which is deemed to be more corrupt.
You should also be aware of any Trusted Research requirements which refers to principles and policies that support the integrity of international research collaborations for UK research institutions.
Projects indicating a higher risk will require a more comprehensive approach to due diligence, so that the University is satisfied that it is managing the risk appropriately. This is known as a full due diligence check. You can see the criteria for both light touch and full due diligence checks within the REO Due Diligence Policy/Process document.
When a letter of award is received and the due diligence process is ready to begin, the REO Due Diligence Team will assess the level of Due Diligence required.
Where the amount passed to the partner is less than £25,000, the review will be either an “Assurance Check” or “Light Touch”. The Due Diligence Team will liaise with the REO Post Award Team to progress this level of review and will not normally need to contact the PI.
Where the amount passed to the partner is equal to or greater than £25,000, this will be a “Full” review which is more detailed and requires a questionnaire to be completed and signed by the partner organisation. The Due Diligence Team will contact the PI to arrange an opening meeting to walk through the requirements for a full review.
At this step, the Due Diligence Team may identify a Trusted Research concern. If so, they will initiate a Trusted Research Review alongside the Due Diligence Review, as explained in the Trusted Research Policy.
The completion of the full due diligence questionnaire can take some time as there are a number of questions along with several documents that are required. We therefore recommend that wherever possible you make the partner aware of this requirement after your initial meeting with the REO Due Diligence Team.
When the partner organisation has completed and signed the “Full” Due Diligence questionnaire, this will need to be sent directly to the REO Due Diligence Team, who will carry out appropriate and proportionate due diligence checks as detailed in the REO Due Diligence Policy/Process document.
You will be kept informed on progress or if further information is required. When the checks have been completed, you will be notified by the REO Due Diligence Team, usually through a closing meeting.