How well do you know about your Leadership’s Background_

Leadership Due Diligence – Latest Developments

For every organisation today, hiring is a gamble. With the number of frauds increasing year by year, you never really know who you are welcoming into your organisation. Regardless of the position, the risk is the same. This means that even for leadership positions, it is necessary to conduct exhaustive executive screening.

According to a report, about 85 percent of managers and employers have caught applicants providing false information on their resume. Five years ago, it was just 66 percent of managers. Today, there have been many cases of various companies suffering major setbacks because they did not carry out their leadership due diligence properly. For instance, in 2015, a US-based IT company discovered with the help of exhaustive senior executive screening from AuthBridge that, the man they had hired for their Indian branch CEO position had lied about his qualifications.

Moreover, the cost of a bad hire is high for executive-level positions, and organisations committing this dire mistake will have to pay the price. Recent research has found that hiring for leadership positions can cost around 10 percent of the entire CTC. However, for executive screening purposes, just 0.25 percent of the CTC is used.

At AuthBridge, we understand that in India, there is an urgent need for reliable, accurate and fast screening of emploees so that organisations across industries can carry out their leadership due diligence and make smart hires. It is exactly because of this reason that we have developed Leadership Due Diligence – AuthLead™, a game-changing verification product made exclusively for conducting thorough and accurate executive screening.

Also read: Overcoming C-Suite Hiring Challenges with Leadership Due Diligence

 

The new senior executive screening norm

Background screening for executives cannot afford to follow the same procedure as any normal screening service. Because the position is higher and the responsibilities are more, the stakes for a bad hire are much higher. Therefore, organisations need to follow the below in order to ensure a thorough leadership due diligence.


• Make sure executive screening is more comprehensive and highly accurate

When it comes to C-suite executives, it is important that background verification companies check more than just their educational qualification and employment history. You should also include a credit check, in addition to a criminal record check.

A huge part of leadership due diligence is making sure they have a good reputation and are well-respected in the industry. Ensure that they have a good track record in all aspects of their professional life. Leaders are the face of your organisation and it is imperative that you put your best foot forward by conducting a thorough executive screening.

• Make sure your organisation’s executive screening consists of the 3C’s

Any comprehensive executive screening process must include the 3C assessment basis. These 3C’s stand for Character, Credentials and Competency. When it comes to character, executives of any company need to be individuals with strong morals and values. Their character, to a large extent, determines the fate of the company.

Credential checking in leadership due diligence ensures that executives have the required educational qualification and professional experience to take charge of the company. When it comes to competency, executives undergo a thorough executive screening to ensure that they are of a healthy body and a healthy mind, and have the right mindset and attitude that is in alignment with the culture and vision of the organization.

• Make sure your organization digs deeper into references

An executive candidate is likely to have remarkable and striking references. Always make sure that you do your part in digging deeper into these references provided to ensure that they are genuine and are not biased. To know more, book an appointment with one of our experts today.

Write to us at sales@authbridge.com

Top 5 Aspects to Verify Before Hiring Your Senior Level Hire

9 Essential Steps For Executive Screening

While it is important for businesses to know their employees, it is equally important that they know their customers and/or clients. That is why KYC, which stands for Know Your Customer is a critical component for any organisation. It is a process that helps to identify and verify that customers are exactly who they claim to be.

Especially in a country like India where a huge population translates to an ever-increasing number of consumers, Know Your Customer (KYC) becomes an important parameter. Did you know that in India, identity theft is the largest and most common form of fraud? It’s true. According to the Fraud Report 2016 launched by Experian India, identity theft accounts for a staggering 77 percent of all reported fraud cases, particularly in the banking and finance sector.

This number may come as a surprise for many, but it is a testimony that we need more stringent and robust KYC solutions in India. With the rapid growth of the sharing economy we live in today, trust becomes more important than ever, and for businesses, effective KYC solutions help to build that trust between them and their customers.

 

KYC solutions in the modern economy

Today, for any company, regardless of which industry you belong to, it is essential that you know your customer. As mentioned before, effective KYC solutions verify that claims made by customers and/or clients are legitimate and that there are no discrepancies. In doing so, it helps to build trust, which is the cornerstone of all positive and successful business relations.

Moreover, KYC checks against customer risk, thereby saving your company from many potential frauds that could cost you lakhs, and even crores of rupees. It also helps to ensure compliance with anti-money laundering policies. Maintaining brand image has become a key factor in ensuring success in capturing the customer base. Having fraudulent customers, bad debt and money laundering practices can be extremely detrimental to the brand’s reputation.

KYC solutions are essential for financial institutions. Before any kind of lending or transaction, the organisation must assess the various risks involved with the client. For example, in lending services, KYC solutions give information about the customer’s job and his/her ability to pay-off the loan. Similarly, engaging with politically volatile or exposed clients may turn the favour of the people and government against your company.

 

Partnering with professionals for KYC solutions in India

It is wise for companies to tie up with third-party KYC solution providers to ensure that they do not compromise on the safety and security of their business. Professionals, after all, have the tools and skills required to validate data of individuals and entities accurately and instantaneously.

KYC solutions in India with the use of national IDs, utilise advanced technologies and solutions to scan through and analyse large chunks of data and metadata regarding clients, customers, employees and businesses. Also, in the case of B2B services, companies must ensure that the businesses they are dealing with do not have any history of criminal backgrounds or malpractices.

KYC solutions in India are primarily achieved through national identity verification. By mapping the details provided by the customer/employee with that in the database, the correct identity of the customer/employee can be easily and accurately identified instantaneously. In simpler words, KYC helps companies to make sure that their customers and/or clients are not faking the details that they provide through a thorough and reliable cross-checking of data. This is the KYC guarantee.

To know more about our KYC solutions, click here

KYC – How does KYC Complement Identity Verification_

KYC – How does KYC Complement Identity Verification?

While it is important for businesses to know their employees, it is equally important that they know their customers and/or clients. That is why KYC, which stands for Know Your Customer is a critical component for any organisation. It is a process that helps to identify and verify that customers are exactly who they claim to be.

Especially in a country like India where a huge population translates to an ever-increasing number of consumers, Know Your Customer (KYC) becomes an important parameter. Did you know that in India, identity theft is the largest and most common form of fraud? It’s true. According to the Fraud Report 2016 launched by Experian India, identity theft accounts for a staggering 77 percent of all reported fraud cases, particularly in the banking and finance sector.

This number may come as a surprise for many, but it is a testimony that we need more stringent and robust KYC solutions in India. With the rapid growth of the sharing economy we live in today, trust becomes more important than ever, and for businesses, effective KYC solutions help to build that trust between them and their customers.

 

KYC solutions in the modern economy

Today, for any company, regardless of which industry you belong to, it is essential that you know your customer. As mentioned before, effective KYC solutions verify that claims made by customers and/or clients are legitimate and that there are no discrepancies. In doing so, it helps to build trust, which is the cornerstone of all positive and successful business relations.

Moreover, KYC checks against customer risk, thereby saving your company from many potential frauds that could cost you lakhs, and even crores of rupees. It also helps to ensure compliance with anti-money laundering policies. Maintaining brand image has become a key factor in ensuring success in capturing the customer base. Having fraudulent customers, bad debt and money laundering practices can be extremely detrimental to the brand’s reputation.

KYC solutions are essential for financial institutions. Before any kind of lending or transaction, the organisation must assess the various risks involved with the client. For example, in lending services, KYC solutions give information about the customer’s job and his/her ability to pay-off the loan. Similarly, engaging with politically volatile or exposed clients may turn the favour of the people and government against your company.

 

Partnering with professionals for KYC solutions in India

It is wise for companies to tie up with third-party KYC solution providers to ensure that they do not compromise on the safety and security of their business. Professionals, after all, have the tools and skills required to validate data of individuals and entities accurately and instantaneously.

KYC solutions in India with the use of national IDs, utilise advanced technologies and solutions to scan through and analyse large chunks of data and metadata regarding clients, customers, employees and businesses. Also, in the case of B2B services, companies must ensure that the businesses they are dealing with do not have any history of criminal backgrounds or malpractices.

KYC solutions in India are primarily achieved through national identity verification. By mapping the details provided by the customer/employee with that in the database, the correct identity of the customer/employee can be easily and accurately identified instantaneously. In simpler words, KYC helps companies to make sure that their customers and/or clients are not faking the details that they provide through a thorough and reliable cross-checking of data. This is the KYC guarantee. To know more about KYC solutions in India, get in touch with our experts today.

Write to us at:-sales@authbridge.com

Questions about Employment Criminal Records Check

Questions about Employment Criminal Records Check

The current marketplace is harsh when it comes to scrutiny of brand image. Any unethical or criminal activity associated with companies is not at all tolerated by the customers. The industrial landscape has seen the death of many companies because of such scandals. In order to avoid such blows to the image, a thorough criminal records check is mandatory during the candidate screening process.

An employee criminal record check is one of the most important parts of the overall background verification process. Negligence in the hiring process might cause companies to hire employees with criminal backgrounds and proclivities. This can cause theft of property, malpractices, loss of reputation, loss of clients and capital. The Society of Human Resource Management estimates that a total of 69% of the organisations conduct criminal records check on their job applicants.

More than 50% of the organisations have confirmed that their criminal records checks are for ensuring high standards of hiring practices.

In India, criminal records check practices have revealed a total of 75% of the failure rates of applicants in certain locations. Criminal record verification process is usually conducted by accessing records on all levels of judicial authorities. Right from local to national. Mentioned below are some of the key questions that one might have about criminal records check, and their responses:

 

Employees at which designation must go through criminal records check?

Every new employee irrespective of the division or grade must go through a rigorous criminal record check process. While employees on smaller levels can cause loss of resources and reputation, having top executives with criminal records can kill the enterprise.

 

Are there regulations regarding criminal verification?

In India, as of now, there are no thorough laws governing the extent of criminal verification. However, there are strict punitive policies in place for companies if they fail to keep their employee information confidential or if they use personal information in disruptive ways. The Indian Contract Act and the Indian Penal Code and Information Technology Acts are usually considered as the standards in such cases.

 

How long does it usually take to conduct a Criminal Verification?

It typically takes 14 working days to conduct a criminal check from a Police Station through a law firm. This process can be made more efficient and verification can be conducted within 7 days with the use of automated database management capabilities.

 

What are some of the common records available?

Today, we have access to the district magistrate, state and the Supreme Court’s public records, data related to litigations and other sources. AuthBridge also has the access to database of National Crime Research Bureau and most wanted lists posted by CBI. There are other databases that show details about disruptive behaviours such as history of drug abuse. Financial defaulters’ list is also accessible from SEBI, RBI and lists of corrupt officials published by Central Vigilance Committee.

 

How to conduct a criminal record Verification?

The first thing to keep in mind here is communication. You need to inform the candidate before-hand that you will be conducting such a check. Only after consent from the candidate should anyone proceed. Secondly, the candidate must be given complete assurance of privacy and confidentiality. All of this must be established in the form of written consents. After securing the above conditions, an organisation should hire professional criminal records check services that have access to specialised and public databases and automated software tools. This will not only ensure an error-free criminal checking process but also save costs to the organisation in terms of resources and capital in conducting their own checks.

Things to Evaluate Before On-Boarding a Background Verification Partner

Background verification is a crucial process for any organisation regardless of the industry they belong to. You should not blindly trust whatever information an applicant has provided in their resume. If it turns out he/she had provided incorrect information at that time, it could create unnecessary problems for the business. Since this person may, in the future, play an integral role in your company if he/she is hired. Therefore, pre-employment check processes are a must in the hiring process.

Just like how you, as an employer, would go to great lengths to prove applicants’ reliability, you should do the same when choosing a background verification partner. In fact, you should be more careful when choosing a vendor to work with for employee screening because, after all, they are the ones who decide which applicants are trustworthy. Therefore, you should always follow due diligence before coming to a decision.

Top 10 questions to take into consideration before choosing a background verification company

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