The financial services industry is an ever blooming industry operating on TRUST. After improved economic sentiments in the economy, hiring is picking up compared to 2016 in the financial services sector. The data dealt with in the financial sector is way too sensitive to be handed over to crooks. The responsibility is huge and so is the need for trustworthy employees.The responsibility of hiring in the financial sector is arduous. For the cases analysed by AuthBridge in FY 2016 in the financial sector, candidates misrepresenting details has been huge at 15.38 %.
( Source: AuthBridge Annual Trend Report 2016).
A huge company risk is associated to the kind of employees looped in to fill different roles in the organization in the financial sector. Not only do the financial positions need attention but all critical positions in the company have an attached financial cost.
The financial impact is of course quantifiable but then the company also keeps reputational loss ahead of monetary gaps.
To begin with, a lot of time, efforts and resources go into hiring a new employee, conducting their interview, induction and training and finally putting things on pilot to execute them.
In some cases, a lot is spent on their travel and stay, especially the ones at respectable position.
One bad hire can cost a fortune to the hiring company. This calls for a detailed background screening program tailored for financial services.
A typical background screening program should focus on identity checks, address checks and criminal litigation checks for all levels; additional employment and education checks for middle management and additional credit checks for senior management.
View the list of all checks here..
Financial Services will keep evolving with customer needs and technology and they should evolve their background screening programs to meet the changing market needs
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