There can be little doubt that one of the most important things a financial organization can do before hiring an individual is make sure the applicant has passed a complete background search. People and businesses entrust their money to financial institutions, and it should be the responsibility of every financial organization to do everything in their power to make certain their employees are beyond reproach.
Financial institutions that need to conduct extensive background searches include:
- Credit unions
- Financial departments of businesses
- Tax preparers
- Financial planners
- Real estate
- Mortgage lenders
- Hedge fund managers
- Investment banking institutions
In general, every employer is expected to use reasonable care when deciding whether or not a job applicant is the right fit for the position being considered. While “reasonable care” is a broad term, it means that every applicant needs to meet certain criteria before being hired.
Some insurance companies will raise a company’s premiums if the company fails to notice that an employee has a history of filing insurance claims. Also, if an employee has lost employment due to having problems with his or her temper, the company can be found liable for any future workplace violence that might occur. Failure to perform a background check in the hiring process can result in costly and unnecessary expenses.
Background searches for individuals looking to be hired include:
- Criminal background searches
- Civil judgments
- Traffic violations
- Felony convictions
- Credit reports
- Employment history
- Military service
- Insurance claims
By making sure that every applicant passes a background search before being hired, financial institutions can greatly minimize any potential problems that might arise.
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