Background screening in the Fintech sector

Daniel Callaghan

12 Aug

min to read

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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.

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FAQs

What background check do I need?

This depends on the industry and type of role you are recruiting for. To determine whether you need reference checks, identity checks, bankruptcy checks, civil background checks, credit checks for employment or any of the other background checks we offer, chat to our team of dedicated account managers.

Why should employers check the background of potential employees?

Many industries have compliance-related employment check requirements. And even if your industry doesn’t, remember that your staff have access to assets and data that must be protected. When you employ a new staff member you need to be certain that they have the best interests of your business at heart. Carrying out comprehensive background checking helps mitigate risk and ensures a safer hiring decision.

How long do background checks take?

Again, this depends on the type of checks you need. Simple identity checks can be carried out in as little as a few hours but a worldwide criminal background check for instance might take several weeks. A simple pre-employment check package takes around a week. Our account managers are specialists and can provide detailed information into which checks you need and how long they will take.

Can you do a background check online?

All Veremark checks are carried out online and digitally. This eliminates the need to collect, store and manage paper documents and information making the process faster, more efficient and ensures complete safety of candidate data and documents.

What are the benefits of a background check?

In a competitive marketplace, making the right hiring decisions is key to the success of your company. Employment background checks enables you to understand more about your candidates before making crucial decisions which can have either beneficial or catastrophic effects on your business.

What does a background check show?

Background checks not only provide useful insights into a candidate’s work history, skills and education, but they can also offer richer detail into someone’s personality and character traits. This gives you a huge advantage when considering who to hire. Background checking also ensures that candidates are legally allowed to carry out certain roles, failed criminal and credit checks could prevent them from working with vulnerable people or in a financial function.