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Many of us are stringent when it comes to hiring people. We all want good people! We all make certain assumptions on what “good people” equals, but we use a background check to make sure our gut about these people match what their records show. As a firm dealing with sensitive data, it’s important to look at credit reports and run background checks on employees. This is not a hot take, and I am sure you agree with me. Yes, in some cases people definitely have learned lessons and deserve a second chance; this is your firm’s call. 

However, what are you doing when it comes to your vendors? In many cases, we have vendors doing some of the outsourced work we would be doing otherwise or over our technology, etc. If this is the case, then you would also agree that you should take some of your vendors through that same process as you would with your employees. This can be difficult when it comes to a public company, but in the cases where it’s applicable, it may be an important part of the diligence process.

Here are some suggestions:

  • Look up reviews by previous employees about the organization on Glassdoor
  • Use your current provider to run a background check that you pay for (especially if it’s a significant contract)
  • Who are the owners of the business? Perhaps run a background check on them personally if it makes sense.
    • A simple/free way is to look at the state the vendor/owner resides in and look into the public record
    • Use an aggregator such as Backgroundalert or eVerify for a small fee
  • Check out the BBB for any complaints

This is a follow-up to: Your Firm’s Weak Link – You and Your Co-workers.

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Roy Keely
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Roy Keely is the VP of Market Strategy at XcentricRead more...

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