How long and detailed does our written due diligence system need to be?
A written due diligence system is a requirement of the Regulation and it must include some essential elements about your business and the person responsible for due diligence. See the Department’s guidance on what must be included here.
It must also include the written procedures you use to gather information, assess risk and mitigate risk (if needed).
For importers with only a couple of decision makers importing one or two basic wood or paper items the procedures you undertake don’t have to be long or complex. Written systems that are two-pages can cover everything.
Larger organisation with more staff may need something more substantial.
We tailor our own simple template that is fine for most businesses and can write or review larger systems.
Contact Us to find out more.