With Fintech leading the way as one of the most disruptive sectors in the business world, employers are having to move quickly to keep up with regulatory and industry changes while still exploiting opportunities when recruiting the top talent.
Background screening is one area where employers might be wary, with the consequences of non-compliance severe. But background screening is now considered mainstream, indeed mandatory in some roles, and the right approach can help ensure the success of a new hire.
Data privacy should be the top priority of all recruiters, with the management of customer data remaining under intense scrutiny after the introduction of the GDPR, and high-profile data privacy scandals are never far from the headlines.
After compliance, background screening must enhance the recruitment process. With a keen eye on the needs and scope of the role and operations, specific checks can help ensure that candidates are not only adequately experienced for the role but also safe to carry out their duties. For example, a Global Sanctions Check can protect against individuals involved in money laundering and terrorist financing, as well as identify anyone who might be prohibited from working in a certain role.
A specialist background screening company can help ensure that your checks are relevant, secure and provide the insights necessary for a great hire. Look for companies who can provide superior data security to protect you and your candidate’s data while satisfying compliance. And with glocalization now firmly rooted in the sector and throughout business across the board, the ability to perform relevant, trusted, and compliant global checks is essential.
Perhaps most importantly, background checking must be convenient and simple for candidates, to prevent losing top talent due to a poor candidate experience. Ensuring candidates remain engaged throughout the process is key, by providing a straightforward and accessible platform for uploading necessary documents and verifying experience, references, and qualifications.
The financial sector is one of the most heavily regulated, and with good reason. Failing to carry out comprehensive background checks on all candidates can have catastrophic effects on your customers and ultimately destroy your business.