Choosing the Right Financial Services Background Screening Provider in APAC
How to identify the right background screening provider for your needs and switch providers, if necessary, while minimizing disruption to your business.
For businesses in the financial services sector, choosing the right background screening provider is crucial for a safe and compliant workforce. It's essential to regularly review your background screening provider to determine whether they’re meeting your evolving needs and complying with local laws and regulations.
At HireRight, we have extensive experience working with a wide range of financial services businesses in APAC, from FinTech startups to multinational banks with a presence in the region. With years of navigating the industry’s unique traits and needs, it’s clear that there are several qualities in background screening providers that customers highly value. In this blog, we look at six things for APAC financial services businesses to consider when choosing a background screening provider and discuss how we support customers moving to HireRight from other screening providers to make the change management process a smooth one.
What To Look For in a Background Screening Provider
Regional regulatory experience
APAC is a diverse region with varying laws and regulations across different countries; regulated markets such as Singapore and Australia require specific compliance expertise due to their stringent regulatory frameworks. Compliance requirements in financial services are complex and constantly evolving. A provider with expertise in this area can help with accurate, robust screening and will support your need to comply with regulations.
Localized data privacy expertise
When you need support understanding compliance requirements at a more granular level, having a local presence with teams that understand the culture and have expertise with regional compliance requirements can be invaluable. A provider with knowledge of local and regional practices can help ensure that screening services are tailored to the specific needs of each market, which can vary greatly, and comply with local data protection and employment laws.
Robust account management and support
Check that the provider offers comprehensive account management support, including proactive communication and timely responses. This will foster regular communication and feedback to help streamline the screening process and provide a positive experience for your organization.
A broad range of financial service-specific solutions
You should select a screening provider that understands that as a financial services organization you will have a range of roles that you may want to screen prior to hiring. It is therefore critical to choose a provider that offers background checks that support regulated roles, for example regulated references in jurisdictions such as Singapore, Hong Kong, Malaysia, and Australia, plus global coverage of checks such as credit, civil litigation, and criminal records to support fitness and propriety requirements. Additionally, a provider should be able to offer more standardized checks for non-regulated roles that will still satisfy any conduct rules (or equivalent) within your jurisdiction, for example standard employment and education checks. At HireRight, we can help create a screening program that meets your specific needs, with products that are relevant to the responsibility of the roles you’re trying to fill.
Global reach and a unified screening platform
Consider a provider with global capabilities that can leverage its resources and expertise to support your organization’s screening needs across APAC, as well as any other regions your company operates in. Companies in the financial services industry often have a mobile and global workforce. This can be well served by HireRight’s unified global platform, which helps provide a consistent experience and worldwide coverage by a single vendor.
Focus on candidate experience
One of the crucial aspects to consider when evaluating background screening providers is whether the vendor has the necessary technology and processes to provide a safe, seamless, and candidate-friendly experience. This is apparent in a few key areas:
Data security: Today’s candidates are very aware of their privacy rights and often more particular about how their data is handled. The platform they use must instill confidence and provide assurances that it conforms to data security and standards, while remaining user-friendly. Having robust security measures in place will empower your candidates to securely upload their information, provide consent, and track the progress of their background screenings in real time.
Privacy by design: Candidate information should be protected to the extent that it meets all privacy protection requirements. At HireRight, these privacy and data protection procedures are already integrated in our technology, supporting compliance with privacy and data protection regulations worldwide.
Notices and authorization: The candidate should always be informed in detail in respect to the processing of their personal data and acknowledgments and authorizations collected in accordance with relevant laws. Your background screening provider should have in place technology and processes that support this process.
Customization: The platform should be tailored to the unique needs of companies in the financial services sector. Features such as HireRight’s ability to present information to the candidate in their chosen language aids in the overall experience of the candidate.
User experience: Does the screening provider offer a mobile-optimized candidate experience that is intuitive, user-friendly, and guides the candidates step by step through the screening process?
Moving to a Different Provider
Switching background screening providers may seem like a daunting task, but it doesn't have to be. We understand the challenges of change management. Businesses may want to look for a provider that can accommodate a seamless transition by offering:
Comprehensive project management to guide their customers through the transition process — HireRight’s experienced team provides all the support needed when changing screening providers, from data migration to aligning the screening requirements with your business needs.
Tailored services to ensure a smooth transition without disruption to day-to-day operations — We work closely with our customers to understand their specific screening requirements.
Integration with many of the leading Applicant Tracking System (ATS) platforms — Offering more than 70 integrated solutions, we work closely with our customers' HR and IT teams to integrate seamlessly with your preferred HR and ATS platforms.
HireRight’s platform offers solutions that prioritize candidate experience, data security, and customization, and we provide comprehensive support throughout the transition process. If you're considering changing your background screening provider to one that meets all the criteria outlined above, we're here to help make the process smooth and efficient.
Contact us today to learn more about our services and how we can support your background screening needs in the APAC financial services sector.
Release Date: July 13, 2023
Archan has over a decade of experience selling compliance and risk solutions pertaining to processes around anti-money laundering (AML), Know Your Customer (KYC), and credit risk. At HireRight, he is in charge of customer acquisition across various industries in APAC, with a key focus on banking and financial services. Archan’s other interests include reading about philosophy and mysticism, working on the topic for his next book, and perfecting his volley-smash drill in tennis. He has a postgraduate diploma in corporate finance from Narsee Monjee Institute of Management Studies (NMIMS).