Richard Wilson: keeping new questions in the master questionnaire
After completing several institutional questionnaires, Richard noticed that most questions repeated. He described adding each new question to a master version.
A growing record of completed answers
Richard recalled questionnaires that could take a full business day or longer to complete. Although their lengths differed, many asked for the same information. Keeping the uncommon questions made the next version more complete.
The recipient could still need its own format
He described offering the master document to a new investor when it covered that investor's questions and additional ones. He also noted an exception: some recipients needed responses in their own format for a database. His account preserves both the reusable answer set and the receiving organization's requirements.
In Richard C. Wilson's words
"any new question you answer, you just put onto your master due diligence questionnaire template." (Richard C. Wilson, Due Diligence mini-series)
How to use this
- Keep a record of newly answered diligence questions.
- Check the receiving team's required format before sending an existing answer set.
Questions and answers
What did Richard add to the master document?
Questions that had not appeared in earlier questionnaires, together with their answers.
Why might a recipient still require its own form?
Richard said the responses might need to enter that organization's database in a particular format.