FITTED – Risk Assessments
Once you have completed your due diligence it must be reviewed. This is your risk assessment. Having looked at all the information, you need to ask yourself further questions such as:
- Are you happy to trade with this business?
- Will you give them credit?
There may be risks associated with a business, but as long as you can show that you were aware of these, and if necessary took additional measures to protect the Crowns Revenue, the commercial risk you are willing to take is individual to your business and is your commercial decision.
Altion Law often advises clients who may uncover issues through the due diligence process, that placing additional monitoring checks on a business or requesting the use of escrow accounts in bond through the first months of trading for example can negate some issues.
However, beware of entities that say they will provide you with a risk assessment for FITTED as they would have to make a commercial judgement on your behalf.
Once you have completed your Risk Assessments, you need to Monitor the relationship and the entity.
Our team can assist you if you have concerns about the quality of your risk assessment checks for your current business or for a future business opportunities.
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