Vetting crucial for today’s procurement world
The importance of proper vetting in every department and position should not be underestimated – in fact, it should be at the forefront of every business process, says Rudi Kruger, General Manager of LexisNexis Risk Management.
Without proper vetting, threats to business reputation as well as financial risks are significantly increased. Every vendor or employee added to a company’s operating structure without under going proper vetting creates another loop hole for fraud to exist.
Vendor and employee vetting ensures that a company complies to global and local legislation. Acts such as the UK Bribery Act, US Foreign Corrupt Practices Act and South Africa’s Local Prevention and Combating of Corrupt Activities Act, will see fines being imposed on all levels of business found to be in violation of anti-corruption requirements, says Kruger.
The fraudulent activities of employees cause significant losses in the business environment; losses that could be prevented with proper pre-employment screening. The South African economy in recent years changed the way in which job descriptions have been written. Higher levels of qualifications are now required for most advertised jobs, creating an increase in the number of job seekers operating with fraudulent qualifications.
There are a number of online vetting products in the market providing background screening solutions for both vendors and employees. LexisNexis Risk Management offers RefCheck Advanced for employee screening; ProcureCheck for assisting with procurement vetting of vendors and employees; and LexisDiligence for all global due diligence and legislative compliance.
LexisNexis has assisted various government and corporate entities with the necessary tools and processes to assist in mitigating internal and external risks and future manage potential fraudulent situations.