Managing and Mitigating Risks through the Vetting Process

Employees who act dishonestly in an attempt to defraud their employers can cause

serious damage internally, contribute to financial losses and cause a quantifiable damage to an organization's reputation.

The most advantageous way to preclude employee fraud is through the vetting process and pre-employment screening. With statistics demonstrating that one out of every four applicants lie on their resume or CV, it is more important than ever to vet prospective new hires. The most fraudulent area in CV and resume "padding" is in material falsehood consisting of overstating qualifications, education and responsibilities followed by the falsification of employment history. Falsification of employment history exacerbates because of difficulties in obtaining references as more and more employers, in both private and public sectors, will do little more than confirm the dates of employment for an individual. When employees are hired without proper vetting and pre-employment screening, an organization is opening itself up for insider fraud that may present itself as falsification of expenses, false overtime and time sheet submissions, false or manipulated sales, theft of customer data and manipulation of bonuses and rewards. In industries where privacy laws and discretion is a vital characteristic, such as the legal profession, the health and education sectors, a dishonest employee can damage credibility and may incur penalties for the company itself.

A comprehensive pre-employment screening and Personnelvetting process is paramount if a company is to be successful in weeding out dishonest applicants for even entry-level positions. These screening processes are best conducted by qualified outside consultants with the expertise and staff to handle the investigation and criminal background checks on prospective employees. The process can be either expensive or time-consuming for the employers to delve into using their own resources and time. The vetting process performed by outside consultants should validate employees according to a required standard set by the prospective employer. These vetting processes should include disclosure from the Criminal Record Bureau, employment and residence verification, employment history with a full explanation for career gaps, and a financial probity or credit check. Any good pre-employment screening or vetting process should cover a least a five-year period if not ten years.

Managing the process through proper screening and vetting ensures mitigation of insider fraud and dishonest practices of employees hired to perform their duties to the best of their abilities, improving the financial outlook and integrity of any firm, company or organization.

Managing and Mitigating Risks through the Vetting Process

By: Tim Capper

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