Navigating the Changing Face of Financial Services RecruitmentSteve Smith, DirectorOran Kiazim, VP Global Privacy

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Agenda

2

Why we did it and who took part

The key insights What the findings

mean for financial services

Our report…

Who is screening and who is being screened?

3

otherVolunteers

Contingent workforcePart-time hourly employeesFull-time hourly employees

Part-time salaried employeesFull-time salaried employees

Management level employeesExecutive level employees

3%28%

53%50%53%

78%91%

88%90%

10%29%

50% 53% 59% 67%

Why do companies screen?

What are companies screening for?

OtherReference Interviews

Directorship SearchEducation/Credential

Employment VerificationRight to WorkDVLA Report

Public Saftey VerificationCredit/Financial

Criminal Record

Background screening challenges

Other

The legal risks associated with conducting background screenings

Background screenings are not accurate enough

The background screening regulations and legislation are confusing

Candidate's reluctance in permitting background screenings to be performed

Background screenings are expensive to coduct

Background screenings take a long time to complete

6%

7%

8%

9%

11%

16%

32%

Considerations for financial services

2 CHALLENGES: Extending to Global Programme (Complexity) Extending to Contingent Workforce

2 CONSIDERATIONS Partnership approach to Compliance Formalising practise into effective Screening

Policy

Global screening

55%

21%

9%

7%

4% 4%1 - 24%

25 - 49%

0%

50 -74%

Don't Know

75 - 99%

88% of companies

employ workers with international experience

Fewer than half conduct

global background

checks

What percentage of your workforce is foreign-born?

Global screening

Global Risk and Security challenges driving firms to prioritise and consolidate Global Screening.

What challenges do you face performing international background checks?

What challenges do you face when devising and executing a Global Screening Program?

Global Screening – Case Study

APAC – Disparate Supplier base US Outsourced Screening UK & EMEA – In-house + Small

Provider

Consider Ownership Service Components Contracts Data Flows Service Levels

Contingent workers

Only

53% of employers

perform pre-hire checks on contract

workers

other

Volunteers

Contingent workforce

Part-time hourly employees

Full-time hourly employees

Part-time salaried employees

Full-time salaried employees

Management level employees

Executive level employees

3%

28%

53%

50%

53%

78%

91%

88%

90%

Consider Why screen contingent

workers? What is best practice for

screening this workforce? Where does due diligence fit

in?

Contingent workforce: Considerations

With the Contingent Workforce continuing to grow it shines a light on firms’ responsibility to hire and maintain a compliant, contractor base.

Who owns responsibility for compliance across your Contingent Workforce?

How do you balance the pressures of urgent contractor on boarding vs effective due diligence?

Are your compliance standards for permanent hires different to those for contingent workers?

Compliance

How concerned are you about each of the following compliance

risks?

Extremely Very concernedSomewhatNot veryNot at all

23%Of companies rely

on their background screening provider to stay current with

the changing compliance landscape

Audits or inspections

Litigation

Negligent Hiring

Negligent retention

One in five Companies that

conducts screening has

no official screening policy

Screening Policy considerations

• Who is responsible for the program?

• What type of background checks are you going to request?

• Are there different levels of checks for different employees?

• Do you have a statement about why you do background checks?

A background screening policy is a documented outline of expected behaviors and processes, that includes:

Questions or further discussion…

?