The importance of compliance

With the ever increasing use of contractors across so many industries, the need for strict compliance has never been greater.

For example, the finance and banking industry has seen a huge increase in the use of contractors in recent years and it is estimated that only 80% of contractors within this industry are fully compliant with regards to security and background checks. The other 20% of those contractors could be posing huge potential risks to their employers as well as to their employers’ customers. As you would expect, those working within the finance industry will potentially have access to sensitive information and failure to ensure that employees are sufficiently checked could cause detrimental consequences, for general security as well as for legal reasons.

As a minimum, resource partners should:

  • Ensure that applicants complete self-declaration criminal record form.
  • Employers must be satisfied about a prospective employee’s identity (because of the risks of identity fraud), and that the applicant has a right to work in the UK. Failure to do so can lead to subsequent civil and criminal liabilities.
  • Confirmation with past employers of dates of employment, posts held and reason for leaving

 

However within banking and finance (as well as some other specific industries) it is advised that much higher level checks should be carried out. Medium level checks include;

  • Verify identity
  • Confirm right to work in the UK
  • Ensure that applicants complete a self-declaration criminal record form
  • Basic disclosure (CRB)
  • Most recent academic qualifications
  • Relevant professional qualifications
  • Most recent employer reference (at least three years, preferably five years)
  • Media checks

For those individuals who are likely to have access to sensitive and confidential information, it is suggested that the next level of checks should be carried out. These cover more in depth checks of those previously stated as well as new checks. High level of checks consist of;

  • Verify identity
  • Confirm right to work in the UK
  • Ensure that applicants complete a self-declaration criminal record form
  • Basic, Standard or Enhanced disclosure if relevant to the job
  • All academic qualifications
  • Relevant professional qualifications
  • Employment references to cover at least three years (preferably five to ten years)
  • Basic confirmation with past employers of dates of employment, posts held and reason for leaving line manager references (if possible)
  • Media checks
  • Financial enquiries

 

There are minimal legal requirements that employers must fulfill however these are basic checks and do not address the major security issues of working within the finance sector.

Ensuring your resource partner carries out all of relevant security checks on your new employees will not only reduce risk to your business but also give you peace of mind that you have ensured the up-most is done to safeguard any confidential information they may have access to. These higher level checks also mean you can ensure your customers that keeping their information safe is your upmost priority because extra steps have been taken to ensure its security. The true cost of non-compliance to these checks, or failure to carry out these checks, could lead to security breaches and the leaking of sensitive information which would not only damage your firm’s reputation but also have financial and legal complications.

At Stage we ensure the correct levels of checks are carried out on each candidate for the industry, role and client requirements. We won’t waste your time by sending over candidates which don’t meet the security requirements and we only send 2 CVs over of the top candidates to guarantee you don’t spend time wading through CVs. We ensure all legal obligations are met, such as eligibility to work in the UK, but we also ensure the candidates’ accreditations and certifications are valid and up to date. Stage is a preferred resource partner for a number of leading global firms across a range of industries including finance, manufacturing, automotive and retail.

Give us a call to discuss what we can do for you and your business.

 

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