Wolters Kluwer launches due diligence resource checklist for corporate counsel to mitigate financial risk

Considering the recent Silicon Valley Bank and Signature Bank collapse, the Due Diligence Checklist on VitalLaw^® outlines proactive steps on how to assess a bank properly

NEW YORK, March 17, 2023 /PRNewswire/ -- Wolters Kluwer Legal & Regulatory U.S. today announced a particularly pertinent new resource for corporate legal departments, which comprehensively outlines what to look for and what to ask about when conducting one's due diligence when working with a bank. Available on VitalLaw^® and VitalLaw^® for Corporate Counsel, the Due Diligence Checklist identifies proactive steps to gauge if a bank is sound and whether it is stable enough to merit one's initial business or continued business.

The recent wave of bank failures in the United States has put a heightened and valid focus on the security and stability of financial institutions. Even with protections in place, a bank's failure is disruptive to individual and corporate customers, including corporate counsel, causing delays and confusion regarding access to funds. Due diligence requires the assessment of a bank by a customer, and of a customer by a bank, in advance of becoming a customer and continuously after becoming a customer.

"Given the circumstances that gave rise to the failure of Silicon Valley Bank and Signature Bank, it has become increasingly necessary for corporate and legal counsels to fully investigate a bank's interest rate and liquidity risks before committing funds to that bank," said John Pachkowski, Senior Legal Analyst at Wolters Kluwer Legal & Regulatory U.S.

Wolters Kluwer's Due Diligence Checklist covers the following areas on how to review all aspects of a bank effectively:

• Assess the overall health of your bank
• Review your bank's investments
• Ensure your bank participates in stress tests
• Protect your deposits beyond Federal Deposit Insurance Corporation (FDIC) depositor protection
• Regularly monitor your bank for material changes

VitalLaw^® is Wolters Kluwer's intuitive research platform that provides corporate counsel and legal professionals with comprehensive support and world-class analysis in key practice areas. With more than 25,000 pieces of useful content and data visualization tools, VitalLaw^® provides customers with faster answers and deeper insights. As the legal space continues to develop daily, the solution also gives customers access to consistent and current updates for laws and regulations.

To learn more about the Due Diligence Checklist, visit: https://business.cch.com/BFLD/WK-DueDiligenceChecklist-ProactiveStepsforAvoidingaBankFailure.pdf

About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in professional information, software solutions, and services for the healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.

Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Twitter, Facebook, and YouTube.     

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Linda Gharib
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Wolters Kluwer Legal & Regulatory U.S.
Tel: +1 (646) 887-7962
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SOURCE Wolters Kluwer Legal & Regulatory U.S.