We understand the risks associated with various employee classifications and can help design a program that addresses concerns for high, medium and lower risk employees.
Employment Screening Resources (ESR) provides financial industry background screening services. ESR helps banks and financial institutions protect assets, limit liability, mitigate risk, and meet regulatory compliance requirements. ESR protects banks and financial institutions against embezzlement, fraud, and identity theft. Along with standard ESR background screening services, solutions include high level "Integrity" checks including numerous sanctions and disbarment databases. We understand the risks associated with various employee classifications and can help design a program that addresses concerns for high, medium and lower risk employees.
ESR Financial Industry Sanction Search (FISS)
ESR’s proprietary Financial Industry Sanction Search (FISS) is a comprehensive multi-source search of data sets specific to the financial services industry.
- Financial Industry Regulatory Authority (FINRA)
- Board of Governors of the Federal Reserve System (FRB)
- Federal Deposit Insurance Corporation (FDIC)
- National Credit Union Administration (NCUA)
- Office of the Comptroller of the Currency (OCC)
- Office of Thrift Supervision (OTS)
- U.S. Securities and Exchange Commission (SEC) Sanctions Database
- Investment Adviser Registration Depository (IARD®)
Security checks are the foundation of a screening program for financial clients. They include the following types of searches.
- Identify Verification
- Criminal History
- Financial Regulatory Sources (FISS)
- Consumer Credit Report
- Sanction Search
- Media Search
- Civil Litigation
- Motor Vehicle Driving Record
- Sex Offender Registry Search
ESR Business and Principal Searches offer in-depth research that covers a broad range of checks that provides information that can be crucial to decision making. These searches can assist in vetting potential clients, prospects, partners, investment opportunities, joint ventures, members of the board of directors, vendors, and in many other business situations.
- Education Verification
- Employment Verification
- Professional License & Credential
- Professional References
- Sanction Search
- Media Search
- Civil Litigation
Domestic Searches for Business Entities
Here are the primary business searches.
- Business Profile Credit Report
- Bankruptcy - Lien - Judgment
- County Civil Searches (Upper)
- Doing Business As (DBA) & Fictitious Business Name Searches (FBN) Search
- Federal Criminal
- EDGAR Securities and Exchange Commission (SEC) Search
- Federal Civil (Upper)
- Financial Industry Regulatory Authority (FINRA) Search
- Media Search
- Securities and Exchange Commission Sanctions Search
- Secretary of State
- Global Sanctions, Debarments and Watch Lists
- Uniform Commercial Code (UCC) Filings
SOC (Service Organization Control) Reports
Banks and financial institutions that deal with sensitive and confidential information know ensuring data security from third party service providers is mission critical. The fact that banks and financial are seeking stronger security measures such as SSAE 16 Service Organization Control (SOC) Reports is a growing trend and has clearly become a best practice for financial institutions to utilize a SOC 2 report when considering a background screening provider. ESR undergoes and successfully completes annual SOC 2 Type 2 audit reports.
Guidance on risk management issued by the U.S. Department of the Treasury Office of the Comptroller of the Currency (OCC) – OCC BULLETIN 2013-29 – makes a financial institution is responsible for “for assessing and managing risks associated with third-party relationships” and a critical component of that responsibility is to utilize third party service providers that have a SOC report:
If available, review Service Organization Control (SOC) reports, prepared in accordance with the American Institute of Certified Public Accountants Statement on Standards for Attestation Engagements No. 16 (SSAE 16)… A bank should include in the contract the types and frequency of audit reports the bank is entitled to receive from the third party (e.g., financial, SSAE 16, SOC 1, SOC 2, and SOC 3 reports, and security reviews).
The SOC 2 report is becoming increasingly important to ESR’s existing and potential customers seeking assurance about the effectiveness of controls related to the privacy, security, and confidentiality of consumer information used to process background checks. Financial institutions require it, and publicly traded larger private companies are frequently asking for a SOC 2 report before selecting an outsourced service organization like ESR.
Learn more about AICPA’s SOC 2 Type II audits and why ESR’s successful annual audits are so important to our clients.
Federal Deposit Insurance Corporation (FDIC) Regulations
Banks and financial entities have a special obligation to exercise care when hiring due to regulations and need to maintain a workforce that clients will trust. Without taking appropriate steps to know who they are hiring with background checks, banks and financial institutions face a near statistical certainty that they will hire someone with an unsuitable criminal record or a falsified background. To help avoid this, the Federal Deposit Insurance Corporation (FDIC) issued Guidance on Developing an Effective Pre-Employment Background Screening Process.
ESR understands there is a special statuary and fiduciary duty that banks and financial institutions have when performing background checks. Specifically, banks and financial institutions need to understand the FDIC Regulations Section 19 Requirements that do not allow any FDIC-insured financial institution to hire anyone that has been convicted or entered into a pre-trial diversion for a crime involving “dishonesty” or “breach of trust” unless there is prior written consent from the FDIC.
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