What makes Executive Screening so critical?

Leaders are in a capacity to leverage authority & drive the business towards greater success hence, an organization must know if their investment is worthwhile. Leaders are the role models bringing business results with integrity therefore, thorough executive screening is highly critical. It is significant to conduct a lengthy executive search on the background of the prospective leaders as they represent the character of the company & hold a position of trust.

In the process to fast track the way up the corporate ladder, many candidates resort to creating an impressive resume by exaggerating & manipulating details. We have all heard the saying- ‘One bad apple can spoil the whole bunch’ likewise one toxic employee can have real costs on the company which is why the criticality of screening goes up. Lying on the resume can come back to haunt you maybe a few years down the line.

There is a need to step up the screening process of the leaders to ensure better regulation & compliance in place.A thorough background check acts a key to ascertain the potentiality of the leaders to be taken on board.Screening of high-level senior positions must also be subject to critical analysis to ensure that no wrong candidate takes such a position of value defeating the purpose of its existence.

AuthLead by AuthBridge, highly intense executive screening, tailor-made suitable to the broad specifications of the company & the leadership team. AuthLead indicates the smallest of discrepancies.There are many corporate fraud cases and examples from real world to show that an ‘inadvertent’ error in executive  hiring can impact the company image, branding and stock position irreversibly.

Leaders make or break the image of a company. Their actions, conduct & performance determine their conditioning & how far their contribution will be a boon to the success of the company.

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Can hiring CXOs be challenging?

Do you think stringent Background Check on CXOs is justified?

With corporate governance becoming the driving factor of all background screening practices, more precision is required inverifying the prospective leaders. Though, a thorough verification on the senior executives can cause intrusion but its worthwhile considering the magnitude of damage caused with senior level fraud. The growing trepidation about the senior management exploiting their privilege positions substantiates the need to conduct powerful checks focussing on every aspect of the prospect’swork life.

Citing a case from last October, a senior executive for a technology firm was turned down due to his involvement inbetting with huge losses on Indian Stocks.The finding was workable only with formal due diligence. Shortlisting for senior positions has always been sensitive & contentious, but its criticality was only realized with rise in senior management frauds.

Executive verification can vary depending upon the thoroughness of the investigation.Owing to greater fraud risk perception, higher legal liabilities & a tougher regulatory environment, a need to thoroughly screen the C-suite executives arises. The New Companies Act also necessitates increased disclosure & declaration to avoid damages of non-disclosure later.

Unprecedented number of corruption, bribery & corporate fraud cases reported in the year 2014 &2015 have commanded higher intensity & impetus on advanced background verification of the senior executives. The transition from basic to exhaustive screening has been remarkable considering the new age risks of fresh hiring at responsible positions. A recent study indicates a conspicuous risk of shift towards strategic risks over the operational ones.

Pharma is intensely hit by corporate frauds &demands a review of the system as a whole.

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The key pointers during the verification process include ethics, integrityissues, conflict of interest, management working & authenticity of the candidate. Sexual harassment cases & legal constraints too have a strong bearing on the candidate’s profile. These factors make it clear why piecing through the veil while hiring CXOs becomes an essential.

Large companies are cautious about good corporate governance, which is why every minute detailcontributes to making a good choice of senior executives.

In the Year of The Scam – The Rise of White Collar Crime

Scams of amazing magnitude in the government; frauds that have the potential to bring down big companies are carried out by employees in the private sector.  2010 could well be ‘The Year of The Scam.’

The politician-businessman nexus has come to the fore with a vengeance, putting a new spin to public-private partnership!  Equally disturbing, if not scary, is the rise and rise of employees ransacking the coffers of their employers.  Gone are the days of misappropriating stationery and inflating expense sheets.

The ingenuity of the employee fraudster is a testament to their mis-applied intelligence as well as the lack of caution on the part of businesses.  The ‘it cannot happen to us’ outlook is all too prevalent in Indian industry.

Lots of companies do not report or prosecute theft by their employees.  Only 20% of companies in India carry out employee background screening.  Many companies – especially the SMEs – have little or no internal controls.  Those that do have them do not apply them rigorously.  The result is an average loss of 5% of annual revenue.

However, what is very clear in the scams that have come to light during 2010 is that they involve high technology, huge sums and a thorough knowledge of the victim companies’ processes.  That translates this way – the employees are senior management, have access to many process areas, are trusted and their activities not carefully monitored.

The higher the position in the organisational ladder that the fraudster occupies, the greater the loss they cause the company.  The very complexity of the scams shows that two things are either lacking or very weak – robust internal controls and thorough and regular background vetting of employees.

Just because a person has been in the organisation for several years, draws a hefty salary and occupies a position of trust does not mean that they will stay honest.  The circumstances of the employees change, the perception changes.  Also if an opportunity presents itself and they assume that they can get away with their crimes, they will seize their chance.

The best way for companies to stay on top of the situation and prevent the embarrassing frauds that we have seen all year, is to keep a continuous tab on their employees.  It is well within their rights.  When staff know that they are being monitored they are much less likely to abuse their positions.

As with all things – an ounce of prevention is better than a mountain of cure.

Read Related News: http://www.authbridge.com/resource-center/industry-updates/296-rs350cr-fraud-detected-in-citibank-gurgaon-branch-the-times-of-india.html