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Doing Your Due Diligence

July 17th, 2014 Comments off

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I am boarding the first of many flights I will take this week with my oldest son to partake in several college tours where we will review, research and test the suitability of each of his possible choices. Like everything these days, there are an overwhelming number of choices and all promise the exact same thing “A world class education in a safe and stimulating environment”.

Although promised in many different taglines, it amounts to the same message. They all proclaim to be the best and offer every advantage that the others do. So how do you decide? We have done an exhausting amount of research that produced a short list based upon our critical needs, which will culminate with individual visits so we can make the proper selection. The process has been long and arduous but one I deemed essential due to the importance of the mission, to find the best place for my son to get his post secondary education so he can have a successful career.

The bottom line is that big decisions require big due diligence and now that the World Cup has concluded, our company has begun the process of debriefing all aspects of the event including how clients and prospect clients chose their security provider for this event. Over the course of the 32 days, we provided all levels of security services spanning all 64 events at all 12 venues. We retained several clients, 4 of whom were top tier FIFA sponsors and between them we were in charge of over 1300 of their employees, vendors and guests without a single incident.  This was a monumental feat and one that required enormous bandwidth and resources. With that said, we were astounded at the number of potential clients that contacted us for bids and solely compared our pricing to other companies claiming to have the same capabilities as ours (I stress the term ‘claiming’) and from that point selected an alternate provider. We absolutely could not believe that several potential prospects didn’t contact our references, visit one of our locations, ask for proof of insurance or even verify that our office addresses were real and had real people in them.

The most disturbing fact was that these decision makers were corporate security personnel, people that were being entrusted to ensure the safety and security of their employees and guests in a dangerous environment. In our business, you need to do your due diligence and the provider you are considering should not only help you, they should insist you do it. Like the universities my son and I are currently reviewing, all of my competitors claim to be able to do the same service as our company despite the fact that several have no license to operate legally in several countries, have no local office or even local personnel. It is the absolute moral and now legal (duty of care) responsibility of the corporate security decision maker to know whom they are selecting and be able to prove that due diligence was performed for the protection of their company and brand as well as their own protection.

The outcome was unfortunate for some of those prospects. They experienced massive service failure by their selected an alternate provider and contacted us mid-event to see if we could take over. I am not sure how their story ended, however, I am certain in at least one case that someone’s career in corporate security ended as a result.

The simple message is to do your homework.

 

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