Custom digital questionnaires on an efficient, centralized platform can replace manual, error-prone Q&A procedures

 

In the aftermath of the COVID-19 outbreak, the world’s financial, insurance, and investment industries are adjusting to a “new normal” of quarantines and lockdowns.

But unlike stoppages to in-person meetings with fund managers, the role of due diligence and monitoring is compulsory and non-stop.

Traditional due diligence meetings must be conducted and reassessments of fund managers’ business continuity plans (BCPs) remain an urgent task — all while most colleagues are working from home.

Given the new developments in the way traditional due diligence operations are being conducted, an online, digitized due diligence platform is the only solution that allows for a seamless transition with not just clients, but also internal teams.

Essential due diligence technology can help fund selectors in three ways: 1) Erase time-wasting inefficiencies and error-prone manual tasks with digital questionnaires 2) Quick access to centralized information, and 3) Internal collaboration among due diligence teams.

  • Erase time-wasting inefficiencies and error-prone manual tasks with digital questionnaires

Traditional questionnaires often involved standard Microsoft Word and Excel templates for managers to fill in and email, and not just once but perhaps over multiple rounds.

This back and forth process was not only inefficient and time-consuming but also highly prone to human error.   

With digitized questionnaires, investors can gather ad-hoc or incremental data from managers in a single customizable platform. This helps them avoid manually distributing and gathering information, losing control over document versions, and cluttered inboxes.

AI and automation tools made to support customized questionnaire templates can quickly sort through responses and allow investors to focus their attention on key changes and issues.

Being able to quickly process manager information gives way to more “analysis” work and less grunt admin work.

By bringing investors and managers together on one platform, question and answer interactions are visible and documented.

Less time is thus spent attempting to reconcile feedback and real-time status.

As an added benefit, mediation on certain issues or points of interest is also more visible, with clearly defined and recorded conversations for a tamper-proof audit trail. 

  • Get quick access to centralized information

Investors should not have to wait on colleagues to get the latest fund information.

To solve this, a centralized, single platform can allow for quick access to crucial data that is structured clearly, too.

Such a central platform can help investors gather comprehensive and current details, for example, everything from disaster recovery plans, to BCP data, and geographical and sector exposures — to new and ever-changing data points that evaluate funds in real-time.

Not only that, but research, emails, meeting and call notes, reviews, and due diligence questionnaires can also accompany this data, and can help to bring colleagues and team members up to speed.

By being able to access all of the crucial points in one place, investors can benefit from time-saving operational procedures and faster deal making.

  • Collaborate with internal team members seamlessly

Despite forced remote work, efficiency does not have to suffer.

In fact, a robust due diligence software can help to improve internal processes and workflows.

Where simple CRM software and general project management may integrate comments, files, and some activities, an industry-specific platform excels in both functionality and specificity.

For example, task-management-integrated tools allow for more organized processes, as well as visibility into deadlines and anticipated delays.

Additional features such as internal reporting, information storage, and conversation logs can also help investor employees make faster decisions.

  • More efficient remote workflow begins now

A feature-rich due diligence platform isn’t enough. It must also be easy to ramp up, with “plug and play” functionality that lets users perform crucial work without interruption and without requiring a significant learning curve. Such usability bridges the gap from onboarding to full implementation.

Diligend is the due diligence technology that ticks all of these boxes. We can help save you time by automating tasks and digital questionnaires, accessing information on a centralized platform, and collaborating faster and with more visibility with internal colleagues than ever before.

Contact us for a no-obligation demo today to learn how to advance your remote risk operations in today’s digital work environment and beyond.

 

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