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University/Industry Partner Engagement

As a recipient of a government grant it is incumbent on the CRC to ensure that its partners and participants in the CRC are of good standing, and not subject to interference from foreign parties. It is therefore important that the CRC manages its risk exposure by implementing a vetting and ongoing monitoring process for both partners and any third-party participants.

Due diligence processes for vetting and ongoing monitoring of partners should include

  • ASIC search – company search of partner and major/controlling shareholders including review of officers in banned and disqualified requires
  • Google/LinkedIn/Network searches for any adverse reports
  • Media monitoring (print, social media, online) can be performed manually or outsourced (eg iSentia)
  • AML/KYC review – if required - for officers/controlling shareholders of partners. This would need to be outsourced to a provider (eg FirstAML).

Searches should be undertaken at the onboarding stage of a partner (ie. pre-execution of agreements), and then monitoring on an ongoing basis throughout the duration of the engagement with the partner is required.

A report would be provided to the CRC Board as part of approval for new partners. Any formal ongoing review of current partners should be undertaken in accordance with risk management assessment and policy set by board.

University / Partner Onboarding

Onboarding partners should be a priority for CRCs pre-establishment and during establishment. There is often a turnover of partners at the start of any CRC, and this can be due to a misalignment of expectations. Key people can move from partner organisations, or corporate strategies change, so it is important to reiterate the returns to partners as the new entity emerges, reminding partners why they originally signed up

In the lead up to the launch of the CRC and in the first few months, it is important to communicate clearly again:

  • what the benefits of being a partner in a CRC are
  • how the CRC will work, how partners will be invoiced and how projects will be established
  • the governance and feedback mechanisms of the CRC.

 

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