Investment Due Diligence Achieves Professional Status as IMDDA Names First-Ever Group to Earn CDDA Designation.

Posted by IMDDA on Apr 17, 2019 3:20:25 PM

‘This is a watershed event for the due diligence profession and for these committed individuals’

Long perceived as a box checking, perfunctory role, investment management and operational due diligence today achieved its appropriate professional recognition in the management of trillions of dollars of assets worldwide as the trade group representing these thousands of individuals named the first-ever group to achieve the groundbreaking Chartered Due Diligence Analyst (CDDA) designation after sitting for and passing an intensive examination.

“Due diligence is the first, ongoing and last defense against fraud, lack of clarity, and errors in investment programs relied on by literally hundreds of millions of people worldwide,” said Andrew Borowiec, Executive Director of the Investment Management Due Diligence Association (IMDDA), an exclusive investor-based organization dedicated to the professionals who investigate facts concerning investment programs

“Today, due diligence became a bona fide profession,” he said. “We salute the 11 individuals who passed this first exam and are pioneers in working for and achieving this first CDDA designation. We welcome the many thousands of others who will follow in their footsteps to elevate the critical role of investment management due diligence,” he said. “This is a watershed event for the due diligence profession and for these committed individuals.”

The 11 individuals who passed the first exam and have received the CDDA designation are:

  • Timothy Bray CDDA - GuideStone Financial Resources
  • Scott J. Forrest CDDA – South Carolina Retirement System Investment Commission (RSIC)
  • Sajal J. Heda CDDA - Amana Global Partners
  • Aaron D. Herr CDDA - Abrams Capital
  • Marta Klein CDDA - UBP Asset Management LLC
  • Stephen S. Miller CDDA - New Providence Asset Management LP
  • Melanie Pickett CDDA - Northern Trust
  • Ryan Quinn CDDA - Children's Health
  • Bram Vennegoor CDDA - PGGM
  • Steve Wallace CDDA - CFA Institute
  • John Ward CDDA - Duff & Phelps LLC

What is The CDDA?

Announced in November 2018, the CDDA is an internationally recognized designation developed to ISO 17024 and ANSI accreditation standards that rigorously tests for aptitude and expertise in due diligence. Each person who passes the exam earns the designation Chartered Due Diligence Analyst® (CDDA).

The first exam period ended March 31, 2019, and more than 30 individuals sat for the 3-hour test in locations around the globe.  Individuals who did not pass this first exam, as well as others who register and qualify, can take the test during the next offering period, September 1-October 31.  Applications, preparatory courses, and further information

The CDDA Program

Under development by the IMDDA for more than two and a half years, the CDDA designation denotes a superior level of understanding of international due diligence practices and principles. Obtaining the CDDA distinguishes professionals as having achieved extensive background and experience in due diligence and possessing the skills to understand business, operational, accounting, financial and investment risks. The CDDA will be the recognized standard in Operational and Investment Due Diligence around the globe.

The CDDA program is designed to:

  • establish the body of knowledge for due diligence professionals
  • assess the level of knowledge demonstrated by due diligence professionals in a valid and reliable manner
  • encourage professional growth in the field of due diligence
  • formally recognize individuals who meet the requirements set by the CDDA Commission
  • serve the public by encouraging quality due diligence services

About Due Diligence and the IMDDA

Due diligence is an investigation or audit of a potential investment to confirm facts, such as reviewing financial records, trading / investment strategies, operations, compliance and adherence to regulation. Due diligence refers to the care a reasonable person should take before entering into an agreement or financial transaction with another party.

Operational Due Diligence (ODD) gathers, analyzes and (to a degree) verifies information relating to operational risks.  Investment Due Diligence (IDD) is typically carried out by potential investors to consider investment functions.

Founded in 2015, the Investment Management Due Diligence Association® (IMDDA) is the only international investor-centric organization dedicated exclusively to due diligence professionals.  The IMDDA’s mission is to work with the investment management community to set the standards for due diligence globally. Through its professionals-only membership, seminars, web site, customized educational training and the due diligence certification program, the IMDDA provides a forum for interaction among peers to share ideas and learn from each other while developing extensive curriculum and standards for due diligence professionals.

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