No matter what size your business is, candidate vetting is important. Checking can help minimise your risk by applying thorough and compliant checks on all your prospective candidates. But equally, across your current workforce through annual re-vetting checks.
Taking simple steps to check your workforce protects your business and your existing employees from fraud, theft and brand reputation.
More than 405,000 people are employed within the banking industry1.
Checking candidates and re-vetting your workforce is important within any business and it’s important for several reasons:
1. The regulation requirements – Senior Manager Regime
Firstly, from a regulatory perspective. Now more than ever, there is scrutiny to check all candidates and re-vet all employees within the banking industry. This is now part of your compliance framework.
In 2016 the Financial Conduct Authority (FCA) launched the Senior Manager Regime to support banks in helping it establish its accountability to the public. This is on an individual level as well as a corporate level2. With this regulation now in place you need to ensure you complete and carry out all of the relevant checks that meet the legislation.
Headlines around fraudulent activity from employees within the banking sector doesn’t go unnoticed. It is therefore important for your brand reputation to apply the best protection you can. You can do this by checking that you have the right people in the right positions – particularly strategic positions and re-verify them periodically too.
2. Protect your business and minimise the risk of fraud
As reported in our latest Annual Fraud Indicator (AFI), procurement fraud is estimated to cost the UK private sector £121.4bn per year, with payroll fraud estimated at £12.7bn3.
Checking and re-verifying your workforce can help you to protect your business from theft and fraud and reduce the financial and risk impact of it. And it protects your workforce by creating a safe, working environment.
According to research from CIFAS between 2014 and 2015 there has been a 60% increase in account fraud where unauthorised activity was made by staff on a customer’s account without permission4.
Your employees have access to the UK’s wealth; you need to be vigilant and put in place the appropriate controls and checks across all of your business areas. Protecting your business from risk is paramount, both from a financial [fraud] and brand point of view.
Other types of fraud include CV fraud. 12% of candidates put false grades on their application and 38% of those 25-32 have major discrepancies on their CV (according to Risk Advisory)5. You need to weigh up the risk between having no-one in the role while the necessary checks are completed, and someone potentially risky in it. To me, this is a fairly obvious decision. And, with the right recruitment strategy you won’t need to be without an employee either – or certainly not for long.
3. Streamline your processes to simplify onboarding a candidate
The vetting process can often be a timely process, with various pieces of information held across several organisations such as recruitment agencies and you the employer. And, in some cases, another 3rd party too.
Because the data you need is fragmented across organisations it could increase the time taken to administrate the checks. This is often caused by spending time chasing and collecting documents.
If this data isn’t brought together and consolidated into a single applicant view, it can lead to only part completed / inadequate checks. In addition candidates are given a poor onboarding experience and it could cause delays in filling the vacancy, as they may walk away out of frustration. It can also cause internal frustration too from the hiring manager who is left without a person to do a role.
Talent is a competitive market and therefore you need to be as swift and efficient in recruitment as you do in your customer service.
How can we help you?
We offer a range of services that can help reduce the time taken to complete a full candidate check.
Our solution allows you to store and manage your background checking processes in one place. Your candidate can upload their necessary documents from the comfort of their home. They can self-serve without the need to make additional visits [to your business or the recruiting agency] to take paper documents.
This also reduces the time and overheads for you and your candidate – if they are required to travel or take time out of their current employment for example.
Our checks consider multiple data assets. Including assessing against our own data. This also gives you a level of assurance.
In a highly regulated environment, that’s also competitive for talent, you need to ensure you are offering the best and most efficient service. With a whole raft of different employees and skill types needed, making sure you have the best workforce will help you grow. It will also help protect you from risk and being incompliant. This is a practice that should be done regularly.