Does Your Team Have a Practical Diligence Strategy ?

If you would like to use great diligence to guide your decisions, compliance and business tasks consider the PAR Diligence Strategy^TM a flexible, organized way to conduct diligence. Whether you are “doing diligence” or performing “due diligence” this strategy is a useful guide. Start to learn about PAR Diligence Strategy today and stop wasting time with ineffectual or inefficient diligence methods.

The Benefits of Standardizing Diligence

Standardization done the right way has benefits that are useful in a diligence environment. Standardizing diligence provides:

• Clarity – everyone has the same understanding; people know what they are expected to accomplish
• Efficiency – proven processes and procedures instead of starting over with each diligence project
• Competency – a basic level of proficiency for all
• Quality – a level of quality that is built into the process
• Definition – which may be needed by various laws, regulations and industry requirements and standards
• Capture – a way to perform diligence and then capture sources, information, results and best practices for reuse.

Par Diligence Strategy for Standardization

The PAR Diligence Strategy™ is a proprietary strategy developed by Knowledge For Professionals publisher of the Diligence File website. You use this strategy to standardize the process of performing diligence. PAR is an acronym for 3 steps:

Plan – All diligence projects start with a plan. The plan includes goals, steps, and definitions

Act – To take the plan from theoretical to real the user performs a series of actions defined as RAS or Research-Analysis-Synthesis

Record – a checklist of actions that allow for proper presentation, capture and reuse.

PAR Diligence Strategy Standardizes Diligence the Right Way

Using the PAR Diligence Strategy for standardizing your diligence does not mean being inflexible. The PAR Diligence Strategy is designed to be flexible and as a strategy it encompasses the concepts that:

– There are differences between organizations, businesses, even departments that impact diligence

– Different types of diligence projects require different types of resources and skills sets

– Everyone approaches diligence with different goals

This is all about balance. You want your organization to have a strategy that is structured enough to guide users through a process but flexible enough to allow for differences and innovation of thought.  This is why the PAR Diligence Strategy process promotes:

– flexibility and change vs. rigid rule rollowing

– expansion of skills vs. rote and automatic action

– creative, bold and critical thinking vs. unimaginative, timid and passive work