London, United Kingdom, April 26, 2008 --(PR.com
)-- Powerchex, a UK leading pre-employment screening company in the City was deemed compliant with Criminal Records Bureau’s (CRB) assurance process when dealing with the application, processing, storing and disposing of applicant’s personal information as they relate to their criminal records.
The rigorous assessment process helps the Criminal Records Bureau (CRB) establish the level of compliance with the Conditions of Registration (The Police Act 1997 (Criminal Records) (Registration) Regulations 2006) and the CRB Code of Practice. It also gives the CRB an opportunity, where necessary, to provide Registered Bodies with advice on “best practice” procedures, in order to improve the quality, accuracy and security of the Disclosure process.
This is a significant achievement for vetting company Powerchex, particularly following today’s publication of the FSA’s “Data Security Report 2008”. The report is urging firms to change their attitude to data security and do more to prevent their customers falling victim to identity fraud and other types of financial crime.
“This report provides excellent guidance to firms who want to benchmark the data security standards of third party suppliers” says Alexandra Kelly, director of Powerchex. “firms who outsource processes to third parties must not underestimate the risk of data loss and fraud to their businesses.”
The findings of the report showed that a number of financial institutions:
• Allow third-party suppliers to access customer data when no due diligence of data security arrangements has been performed
• Do not know how third-party suppliers’ staff have been vetted
Examples of good practice included:
• Conducting due diligence of data security standards at third-party suppliers before contracts are agreed
• Regular reviews of third-party suppliers’ data security systems and controls
Speaking at the FSA’s annual conference on financial crime Philip Robinson, Diretor of its Financial Crime and Intelligence division said: “Some firms have made progress by adopting good practice while others need to do more in this area to ensure that they are treating their customers fairly. Firms getting data security right is a key priority for the FSA and we expect the industry to raise its standards.”
To read the full FSA report, visit:
Notes To Editors:
Powerchex is the UK’s premier pre-employment screening firm for financial institutions. Based in the City of London, Powerchex checks the background, employment history, criminal records and professional qualifications of applicants on behalf of financial institutions. It sets the industry benchmark of 5 days for a background check.
For an interview with Powerchex’s director Alexandra Kelly, contact:
0207 767 2438