It’s your responsibility to hire key people or to enter into contracts with business partners or clients?
Then I hope for your sake that you not only hold structured interviews, but also run third-party checks (background checks/compliance quick check, 3rd party due diligence).
What a first glance and a gut feeling won’t tell you
A bad fit – whether of employees, clients or business partners – can lead to great difficulties for your company. It means bringing a potential risk on board.
In the last few years, the number of falsified application dossiers with imaginary university degrees, dissertations and theses has increased massively – not only in Switzerland. And even the most impressive appearance of a company that you want to enter a business relationship with can be deceptive.
The thing is: Paper is patient; electronic options are almost limitless. On the one hand that means danger for you, but on the other it means you have the opportunity to get all the relevant information – if you want it.
The risk of entering into collaborations with partners who represent precarious exposure in countries with stricter compliance regulations, directly involving your company, is not infrequent (UK Bribery Act, FCPA, OFAC). And it’s no secret that you must also screen your clients with regard to money- laundering regulations.
X-raying just in case?
Can you afford negative headlines due to working with a company that is already involved in sanction proceedings or is being investigated because of a possible infringement of FCPA regulations?
With the right questions during the interview process and comprehensive, internationally-orientated checking of third-parties, you’ll know where you really stand with individuals and companies. From that position, you can decide which risks you want to take on or minimise – before you pay for the consequences.