{"id":3190,"date":"2021-02-17T09:13:53","date_gmt":"2021-02-17T09:13:53","guid":{"rendered":"https:\/\/crigroup.com\/?p=3190"},"modified":"2024-01-26T11:29:21","modified_gmt":"2024-01-26T11:29:21","slug":"address-risk-with-background-checks","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/address-risk-with-background-checks\/","title":{"rendered":"Address Risk with Employee Background Checks"},"content":{"rendered":"

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We have all heard of the term “employee background checks”, but what is the exact function of this process? There are inherent risks in the hiring process, including fraudulent claims by candidates. These include everything from relatively minor transgressions, like stretching employment dates, to severe and concerning deceptions, such as claiming unearned degrees or credentials or hiding one\u2019s criminal record. Being aware of these risks is only the first step, and companies that don\u2019t take steps to address them, such as thorough, comprehensive background checks<\/a>\u00a0as part of their hiring policies, are putting themselves in peril. Several case studies have shown companies learning this lesson the hard way.<\/span><\/p>\n

In one recent case, a semiconductor manufacturing company noticed that its finances weren\u2019t adding up. Auditors traced the discrepancies to around the time when a company had hired a new CFO \u2013 and so the investigation began. When contacted, the CFO\u2019s previous employers reported that the individual had been terminated due to cash embezzlement, harassment and workplace violence. In the end, the case proved costly to the semiconductor company. The CFO was terminated and prosecuted, but nearly $200,000 had been embezzled, and most of it could not be recovered (it was already spent, as the fraud had been taking place over four years).<\/span><\/p>\n

Proper background checks and a thorough vetting of references would have exposed the fraudster before he had ever set foot in his office as a CFO. The proactive approach would have saved the company in lost revenues, human resources investment (extensive auditing and investigation) and damage to reputation.<\/span><\/p>\n

When an organisation is ready to add a critical layer of security to its hiring process, Organisation should consider the following:<\/span><\/p>\n