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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Technology

    Posted By Jessica Weisman-Pitts

    Posted on May 28, 2024

    Featured image for article about Technology

    Know Your Data Sources

    By Matrix Security Watchdog’s Susie Thomson

    Recent high-profile events have brought vividly to life the critical importance of organisations thoroughly checking candidate credentials before making a hire. What’s really frightening is that these incidents are likely to be just the tip of a very big iceberg. But before recruiters rush blindly to sign up a screening agency in the desire to strengthen their vetting processes, it’s essential they open their eyes to who they’re jumping into bed with. Because not choosing a screening partner carefully could land them in very deep water.

    Growing demand for background screening in banking and finance is resulting in a surge of new companies offering the services, many of which lack knowledge and experience of employment legislation and candidate rights. Coupled with insufficient data protection strategies resulting in candidate data breaches, this situation could plunge recruiters into a nightmare of reputational damage and litigation. In the more litigious environment of the US, firms practising in screening law are acting on behalf of candidates to sue screening agencies if the correct process isn’t adhered to, resulting in reputational damage to all parties.

    Incoming accreditation

    In Europe, candidate rights have been increasingly bolstered by regulations like GDPR and the forthcoming Data Protection and Digital Information bill. Recognising the significance of this, the Professional Background Screening Association (PBSA) is set to introduce an accreditation scheme in June, focusing on elevating standards within the screening profession. This scheme aims to empower screening organisations to adhere to best practices concerning GDPR, data protection, and candidate rights. The majority of the reputable screening supply companies will embrace this initiative, anticipating that it will distinguish between high-quality services and lesser alternatives. The timing of this initiative couldn’t be better, as it aligns with the evolving regulatory landscape. However, it’s imperative for organisations not to delay action until the scheme’s launch, but rather to proactively inquire and address pertinent issues now.

    As vetting becomes more commoditised, with many recruiters opting for a system where you press a button and receive the data, there is a real need to check the source of screening data. For example, some vetting agencies are scraping data from government bodies without permission, while others are doing it in the right way by first obtaining accreditation and approval. Those recruiters that don’t question the data source and compliance procedure are blissfully unaware of the danger they are putting themselves in.

    Taking screening companies at face value is a high-risk strategy in an environment where data is the new gold and protection through legislation is on the increase. If there were to be an investigation at any point into rogue screening organisations obtaining data without permission, their recruiter partners could be exposed, damaging their reputation and also potentially opening them to prosecution.

    Open and honest

    Successfully navigating this new screening minefield means only partnering with agencies that take an open and honest approach and are happy to share their data sources, which should be approved and reliable. As technology becomes more sophisticated and AI more widely used, there are more tools available to grab data automatically from various sources. Companies doing this without permission are also unlikely to have checked the data for veracity and accuracy. The only way to overcome this problem and partner with the most trustworthy screening companies that source the best possible data in the most legitimate way is to determine that there is a robust data sourcing trail.

    Rather than jumping on the first and cheapest data source they can find, the best screening companies carry out in-depth research into an industry. They painstakingly track down the most trusted premier suppliers of data, checking that robust practices are being applied to source with integrity, delivering accurate and compliant data. They are also happy to share details of these suppliers to their clients. These are the screening partners that recruiters should be searching for to ensure they are complying with data regulations, but even more importantly, that their candidate checks are of the highest possible calibre. PBSA accreditation will then add another layer of verification to the mix once it launches. And, if recruiters put in place a strategy now to thoroughly check the credentials of screening companies by drilling down into their data sources then when the accreditation scheme launches this will provide a further tool to identify reliable, trustworthy screening partners.

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