The interview advantage – insights beyond open sources
- 2 days ago
- 3 min read
In a challenging information environment, like Finland, interviews with the right sources are often the only way to really find out. "It is not only about identifying the risks. Interviews also tell you a lot about strengths and new opportunities, sometimes even aspects that the client have not yet identified themselves", says Leena Stark, senior analyst at Look Closer.
18 years ago Leena Stark entered the field of integrity due diligence investigations coming from a background in marketing and communications. Over the years she has become one of the leading practitioners in the field in the Nordic area, involved in several hundred projects from senior recruitments to high stake M&A, in many of them working as a partner with Look Closer. Since the beginning of 2025 she is a full member of the firm's team in Finland.
Starting out, the IDD market in Finland was minuscule, today the market is more mature. At the same time there has been a cultural shift in ways that directly shape how due diligence is done. The local business life used to run on trust and personal relationships. That's no longer the case.
"We used to have this kind of cultural approach in doing business, that when you shake hands with someone, not seldom in the sauna, then the deal was done and then you can trust that it is what it is. That has absolutely changed."
A more international business life, cross-border transactions, and high-profile governance failures have made people realize that trust alone is not enough. But still, many companies only understand the value of IDD services when it is already too late.
The cost of not knowing
For companies that choose to not include integrity due diligence in their DD stream, the risk is straightforward.
"Through our investigations, we can give them the full picture. If they don't have someone conducting the research, they might miss out on something super important that could be crucial to their business. Some companies are willing to take that gamble. Sometimes it works out. But many times it does not."
As someone who spends her days trying to help clients understand what they are actually dealing with – not just on paper, but in practice – she is certain that the human side of the work has never been more important. One of the biggest shifts over the past decade has been the tightening of publicly available information. Since GDPR came into force, accessing records in Finland has become increasingly difficult. Court requests that used to be straightforward now require carefully worded legal formulations and even then often lead to a dead end.
"The market for sourcing information remains underserved, and I believe demand for interview-based services will grow across all our areas. This is especially true in Finland, where open-source information is more limited than in Sweden. In that context, human intelligence (HUMINT) becomes a strong complementary tool. We've almost been forced to move towards humans much more. And that will very likely be the case in the future", says Leena Stark.
The full picture
The power of gathering information through interviews with carefully selected sources is not only evident when it comes to assessing risks and finding adverse information. It is also a powerful tool if you really want to get the full picture, including both positive aspects and new business opportunities.
"While traditional due diligence is a forensic look at the past, HUMINT-based interviews provide not only a pulse check on the current state, but also a look into the future. Talking to former employees, customers, or competitors often reveals underlying customer views in M&A situations, highlights development issues inside the target, and softer risks such as leadership reputation, cultural misalignment, deteriorating supplier relationships, or ethical gray areas – factors that rarely show up in the data room or polished CVs."
This is also where she sees an underappreciated part of the service. Due diligence is usually associated with risk mitigation. But through interviews, it is often possible to spot strengths and opportunities that even the target company has not identified.
"You find out about things they have yet to develop, or that they have developed but haven't identified as a strength. For me that is a very rewarding part of this job."
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