Yes. Prior to an engagement with an NGO/social enterprise (thereafter referred to as ‘applicant’), a screening process is initiated that allows the Foundation to perform an assessment of the applicant’s ethical standards and the bribery or corruption risks attached to a possible engagement.
The process begins with an initial collection of general information and registration from the applicant. The collected information is then submitted to the Signify Internal Audit team, which supports the Foundation in performing compliance checks.
The scope of the compliance screening includes (but is not limited to):
• Authentication of applicant’s registration information, its board of trustees/directors and managers
• Media review of the organization profile and footprint, including an assessment on the reputation and neutrality
• Examination of the principals’ backgrounds and public profiles
• Global and country specific compliance, sanctions and watch-lists databases check (including but not limited to political exposure, bribery/corruption, money-laundering, fraud, or terrorism).
The results of the screening are shared with the Foundation team. If any red flags come up, the Foundation team will be requested, if appropriate, to address any red flags by way of mitigation. After review of the addressed actions, the Internal Audit team issues a report and a positive or negative recommendation to the Foundation team.
In addition, the Foundation’s due diligence scope also covers financial health checks and reviews of applicants’ vision, mission, strategy, resource, past projects, etc., which are conducted by the Foundation team.