How to Integrate Identity Verification into Your HR Risk Management Strategy

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Hiring is a pivotal aspect of any business, more so in the Banking, Financial Services and Insurance sectors (BFSI) that are heavily regulated and prone to risks. Here is how you should ensure that identity verification and background checks are integrated into your HR risk management strategy:

Get the right people on your team

The pandemic has accelerated global hiring trends and remote hiring and working. According to a report from the Tony Blair institute, most work from anywhere jobs are in the banking and financial services sectors.

The report also suggests that up to one-third of the UK’s Financial Services jobs may move to other locations. While the geographic barriers have become less of a concern and could allow a larger talent pool, the supply of talented, bright candidates is limited. This also increases the requirement for international background checks.

It is crucial that you know everything about the person you are hiring and what their background is. You can’t take the risk of the newly appointed CEO of your InsurTech firm having skeletons hidden in their closet. Irreparable damage to your reputation is a scenario you want to avoid at any cost.

Speed up your hiring and screening process

Financial companies and others in the regulated sectors expect candidate identification, screening, interviewing and hiring in increasingly shorter periods, from locations that span the entire globe. The increased pressure on HR teams can lead to rash decisions and potential oversights.

Traditional employee background checks have been known to slow down the entire hiring process. Veremark offers a turnkey background checking solution that is reliable, accurate and fast. The employment screening software leverages the latest tech to provide a robust and secure solution.

Focus on candidate experience

While job markets have seen severe fluctuation, top tier candidates are always picky about their employers. At the moment, there is a spike in recruitment in Open Banking and Payment Service Providers as well as others in the BFSI sector. Candidates that experience straightforward, streamlined, transparent hiring are more likely to take up the job you offer.

Smartphones have garnered a major share in the market across age demographics, and this means that more people have access to information on the go. This is especially the case with Gen Z and Millennials. While your company is running global background screening operations, you candidates are also reading up on your company.

With technology at everyone’s fingertips, job hunting involves a few taps on the screen. This also means that the tech-savvy potential employees that have a bad experience won’t hesitate to let everyone know exactly how they feel. A bad review about your FinTech business or its hiring process from a potential hire can do a lot more than just raise doubts in other potential employees.

Candidates are kept up to date at every step of the process with Veremark. Candidates receive requests and are required to respond, and all their documents can be submitted securely.

With features like a Career Passport, candidates have all their information handy. The passport can be easily updated, which aids the speed of future hiring.

Security is important

The professional world as we know it now has become a digital landscape. While this means there have been vast efficiency improvements, it also means increased risk in security. Identity theft and fraud are always areas of concern.

Veremark doesn’t just offer you a great service. It’s secure too. It leverages the latest in blockchain tech to ensure all data is always safe.

Top background checks in the BFSI sector

The checks in the screening process relevant to the Fintech, Financial Services industries and other regulated businesses are

Any one of these (or multiple) employment background checks can be selected from the Veremark user interface with ease.

Conclusion: Use the right partner to mitigate risk

Having the right global partner to ensure your identity verification is spot on is crucial. International background checks that are accurate and expedient, spanning numerous international borders and regions, this technology can revolutionise the entire HR industry.

Veremark offers precisely that and more. Your HR manager scan understand everything they need to know with a glance at the Veremark dashboard, which indicates hiring and screening status as well as performance statistics.

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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.

Transform your hiring process

Request a discovery session with one of our background screening experts today.

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