The French parliament has now ratified a law of February 2017, which requires companies to set up a due diligence process starting next year. This is reported by the United Nations on its website United Nations Global Compact.
Due diligence processes are handled by virtual datarooms as dataroomX. Investors, suppliers, owners or banks can view confidential and secret business documents in secured digital Internet rooms (also called cloud computing). Their reading behavior in the data room is documented by timestamps and a digital watermark.
This process involves systematically identifying the impact of the company and its suppliers on affected third parties. If companies do not comply with this duty, then those affected and their lawyers are free to go to court. According to the United Nations report, fines of up to € 10 million are possible.
The law only applies to very large corporations; Currently, about 100 companies fall into the scope, according to the United Nations. The duty to disclose the due diligence process will apply from 1 January 2018.