HRO Today April 2015 - 49

Employee Screening
online for resale. Insider threats plague nearly every
industry, but particularly those that handle extremely
sensitive information, including financial services,
healthcare, and critical infrastructure. Even more
troubling is the fact that 88 percent of IT professionals
believe this risk will increase or remain steady over time,
according to a recent study by Ponemon Institute.
And it's not just employees. Partners, suppliers, and
third-party vendors pose similar risk. In fact, a recent
Accenture survey found that 76 percent of companies
believe supply chain risk management to be important
or very important for their organization.
What's At Stake?
Organizations have a responsibility to protect their
personnel, their assets, and their reputations from
an insider threat risk because the statistics reveal a
challenge that's only increasing:
* Occupational fraud. The Association of Certified
Fraud Examiners has found that organizations lose
roughly 5 percent of their revenue to occupational
fraud each year-potentially equaling $3.7 trillion
in global losses. This could include anything from
asset misappropriations to corruption and financial
statement fraud.
* Lawsuits. The average cost of a negligent retention
lawsuit is $1 million, according to Human Resources
Management, and the highest award to date is $26.5
million.
* Workplace violence. Roughly 9 percent of all
workplace deaths are due to homicide, according
to a study by The Occupational Safety and Health
Administration, FBI, and U.S. Bureau of Labor
Statistics.
So how can companies spot a potentially-risky employee
before it's too late? Most companies today screen
employees one time before they are hired. Employees
may have posed limited risk to a company prior to being
hired, but factors such as poor performance reviews and
stressful life events, like filing for bankruptcy or divorce,
can change that in an instant. People are dynamic, and
so are their motivations, which requires companies to
perpetually evaluate risk factors as they evolve.
Today's background checks are also limited in the data
they evaluate, focusing mostly on criminal records
and failing to incorporate financial records, human
resources documentation, internal files they've been
accessing, and/or suspicious online activity. Plus, crimes
committed before someone is hired may not show
up in public records data for months, reducing the
accuracy and value of pre-hire background checks even
further. It's time for organizations to get proactive
about managing insider threat risk by implementing
continuous identity screening by automating the
process of monitoring changes in employee/contractor
risk throughout an individual's tenure.
Technology has matured to the point where this can
be done easily and cost effectively. Identity data from
relevant sources can be automatically gathered and
analyzed, alerting HR to potential risk. Rather than
scanning one time, or on a regular schedule of every five
years), these tools deliver sophisticated analytics that
perpetually evaluate changes in risk in real-time.
For instance, a truck driver receives a DUI charge. Many
employers would not be aware of that until a regularly
scheduled background screen, if at all. They would rely
on that employee to self report the charge. Continuous
screening can immediately catch the new charge and
send an alert to the organization, prompting the
company to investigate and possibly take action.
By bringing together identity data from both external
sources, like criminal and financial records, and internal
sources, like network activity and personnel reviews,
organizations can reduce the risk of insider and supply
chain threats. They can also maintain compliance
through a legally defensible audit trail designed to meet
critical regulations such as FCRA, FTC, and EEOC.
Don't settle for a risk assessment model that isn't
working. The one-time, pre-hire background check
aren't built for today's environment. Traditional checks
leave managers with outdated information that does
not equip them to monitor risk over time, leaving their
companies vulnerable to threats like fraud, IP and profit
loss, workplace violence, and more.
It's time to take a proactive approach, continuously scan
employee data to spot and thwart any nefarious activity
before it's too late.
Raj Ananthanpillai is CEO of InfoZen.
APRIL 2015 | www.hrotoday.com
[49]
http://www.hrotoday.com

HRO Today April 2015

Table of Contents for the Digital Edition of HRO Today April 2015

HRO Today April 2015 - 1
HRO Today April 2015 - 2
HRO Today April 2015 - 3
HRO Today April 2015 - 4
HRO Today April 2015 - 5
HRO Today April 2015 - 6
HRO Today April 2015 - 7
HRO Today April 2015 - 8
HRO Today April 2015 - 9
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HRO Today April 2015 - 11
HRO Today April 2015 - 12
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HRO Today April 2015 - 15
HRO Today April 2015 - 16
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