For research, the risk approach falls broadly into three areas:
Reputational: e.g. could the department/University/the research community as a whole be damaged by association with this partner?
Financial: e.g. are the partners of good financial standing? Are the financial management and record keeping processes sufficiently robust to enable the University and its partners to claim funds from the funder? What is the overall value of the grant?
Operational: e.g. are there health and safety considerations to be addressed? Are there constraints on transferring funds to a partner in another country?
Our Approach to Due Diligence
It is in the University’s interests to take reasonable care to identify and mitigate risk to the institution, and ensure that the research carried out in its name and with its partners is able to go ahead. This includes ensuring that partners understand from the outset what they are committing to in operational terms when working with us. In addition, an increasing number of external funders are placing a requirement on the University to undertake due diligence checks as a condition of award (i.e. in order to protect their investment). It is the University's responsibility to mitigate any risks arising from those checks.
Our Due Diligence Policy
We carry out light touch and full due diligence checks to ensure an appropriate and proportionate approach. The process steps for light touch and full due diligence checks are detailed within the REO Due Diligence Policy and Process document (.pdf)