Importance of Background Checks For Financial OrganizationsPosted on: August 5, 2019 by Gavin Muirhead
The financial services industry is one of the biggest areas of growth in the job market. Every day, financial offices are teeming with new employees and those seeking a job interview. Although most of these people have worked diligently to obtain their degrees and embark on their careers at financial firms, not all of them have such noble ambitions.
Unfortunately, the financial sector attracts dubious characters and con men who are eager to use their knowledge of the inner workings of these firms and use them for their own nefarious means. As a hiring manager at one of these lucrative financial firms, how can you filter out these types of people and make sure that they do not infiltrate your company? With the advancements being made in cybersecurity and the proliferation of information available about people online, background screening has become an important first step in the hiring process.
Financial organizations especially need to be sure that they are hiring trustworthy people that won’t take advantage of the privileged information that they will potentially have access to. Millions of dollars can be at stake, and you don’t want such high stakes being handled by flaky people who may disappear at the drop of a hat. It is important to learn about conducting background checks if you are involved in the hiring process.
Why You Should Conduct A Background Check
It has been said for centuries that money is the root of all evil. While you may or may not disagree with that sentiment, some people out there are motivated by unadulterated greed and are willing to cheat and deceive in order to gain their money. They apply to jobs in the financial sector in order to con their way to access valuable financial accounts and drain them dry before anyone can suspect them of wrongdoing. This will irreparably damage your company’s reputation, which is all it takes to bring a financial company down.
Once one incident happens, a company’s whole history can be scrutinized and brought into question. It would take years to repair a company’s reputation after such a scandal. The key is to prevent such incidents before they occur. Background checks can encompass the entirety of a candidate’s life, telling you if they have ever been convicted of a crime or if they have amassed a mountain of debt. If a candidate has tons of debt, they usually should not be trusted handling large sums of money for clients.
How Should You Conduct Your Background Check?
Financial companies generally go down either one of two avenues when employing a background check. Large companies tend to have their own people that they employ that conduct thorough checks on potential candidates. Smaller companies, not having the generous resources that these larger companies do, hire out their background checks to third party specialists that take jobs from many different financial institutions.
While the larger companies certainly have more oversight and leeway in conducting their own investigations, this approach is not realistic for smaller companies who cannot afford to employ their own specialists for the job. Third party companies will take care of all the trouble for your company, and many of them have sterling reputations in the financial sector.
Finding the Right Company to Carry Out Your Background Checks
Finding a reliable background check service can be a bit tricky. Sure, many of them have certifications and lofty language on their websites, proclaiming their trustworthiness and highlighting their five star reviews. But how can you tell whether a company is truly worth their salt?
Affordable Background Checks has been in the business for years, and they have the track record to prove their success in the financial field. Firms from all over the country have entrusted Affordable Background Checks with their candidate investigations because they get results fast, and they give them to you at an affordable rate. They will report any criminal activity, asset and bankruptcy records, as well as legal judgements.
In the financial field, you cannot be too careful when hiring a new employee. That smiling face that just left your office may be a complete fraud underneath the facade, and if they are, your company may be in trouble. Come to Affordable Background Checks and rest easy knowing that your business will be safe from such threats.