Financial Institutions are the most critical and sensitive sectors as their employees have access to a vast amount of information such as client financial records and other highly sensitive data. They need to be extra cautious when hiring due to regulations and the need to maintain a workforce that clients will trust.

The risks associated with a bad hire are well known. Ranging from reputational and financial damage to risk of workplace violence as well as the specter of organized crime and terrorist elements infiltrating corporate echelons – the repercussions can be devastating! Adopting a sound background screening program not only helps mitigate these risks proactively but also assists businesses in attracting the best talent.

In the widely connected global economy of the 21st century, it is imperative for financial organizations to safeguard themselves from the risks of internal employees and external entities, be they vendors, franchises or business partners.

BACKGROUND SCREENING

Background Screening specialists can help businesses implement and effectively manage their screening programs with innovative, cost effective and customized solutions on the basis of designations, roles, security clearance levels and risk exposure.

Given the criticality of the information / data held by Financial Institutions, it has become imperative for the Background screening companies to treat Personal Information related to employee and companies with utmost confidentiality apart from their expertise in conducting background verification. It is important for the Financial Institutions to evaluate proper security and data confidentiality controls before engaging them or utilizing their services.

BACKGROUND SCREENING PARAMETER 

Note : This is the basic minimum scope of background check for Financial Institutions recommended by SecureSearch. Every organization’s background screening requirements are different . The actual scope of background check will largely derive from the subscribing company’s screening policies, organizational requirements and geography driven market imperatives. Customised solution can be arrived in consultation with your background screening partners that suits your specific needs.

Key Background Check Details

Criminal & Civil Litigation Searches

Pre-screening candidates for criminal and civil litigation records is important to ensure a safe work environment and guard against the risks of employee fraud, legal lawsuits and reputational damage. Conduct a comprehensive search at the jurisdictional Courts to uncover civil or criminal offences registered against applicants, including judgments as well as cases pending against or filed by them.

Credit History

Credit Report can help uncover applicants who may have a history of not meeting their personal financial obligations effectively and could therefore pose a risk for their organizations. The risks for organizations get accentuated when such applicants are being considered for senior positions or roles with financial responsibilities.

Global Database Check

These searches help to check if an applicant’s name figures adversely in more than 250 datasets, including money launderers, fraudsters, terrorists and sanctioned entities, plus individuals and businesses from over a dozen other categories. It also covers Politically Exposed Persons (PEPs), their family members and potentially high-risk associates worldwide.

Adverse Media Search

A comprehensive global media search identifies any historical negative contents curated from over 30,000 sources global, including trusted news-sites, licensed publications, company profiles, industry information and public records that provide relevant and actionable information on companies, industries or individuals.

Identity Check

Identity fraud is a major global menace and a preliminary Identity Check serves as a critical first step in establishing an applicant’s identity. Use of innovative technology to provide fast, reliable and cost-effective on-demand solutions to verify the authenticity of government-issued identification documents.

Address Verification

In an Indian context, it is important to verify applicants’ place of stay to confirm their veracity as also to enable companies to trace their employees and contact them in emergent situations. Verification of applicants’ residential address is conducted through a physical site visit and is usually ordered at their current or permanent addresses.