Background Checks in the Philippines: Key to Safe BusinessPosted On 10/03/2015
In the world of business, clear information and evidence is the key to wise and profitable decisions. Every day more companies are recruiting and investing overseas in countries like the Philippines. The changing labor and economic environments have pushed companies to look for opportunities beyond their traditional boundaries. Most of them are searching for better cost-efficiency, for the right human talent or for new markets, bringing companies from developed countries like the United States to expand their operations in the Philippines. Verifying these overseas opportunities is increasingly the task of private investigators in Manila and Cebu. It’s all a matter of risk management, and the more informed business owners and corporate executives are, the less risk and greater chance of success.
People rarely think of information as an asset, but key information and data are more important than ever in making profitable business decisions. The increasing concerns regarding corporate fraud are reasonable given the fact that the cases are rising and that even a recent study has determined that 11% of CEO´s state they are willing to misstate financial performance. And it is no surprise either than in emerging markets like the Philippines the percentage of executives who thought misstating performance is justifiable is even higher. After all, in developing countries, who is really checking?
The results therefore reinforce the need for compliance programs to fully encompass management within the organization, as well as any new partnerships or mergers and acquisitions. The risks posed by these individuals acting unethically have potential to cause serious damage to their organizations. Doing good business and hiring the right people means having the ability to verify known information, and obtain evidence and accurate information. If you’re considering a partnership with a new supplier or hiring a new CFO for your company, for example, you need to be sure the person is reputable, with no history of fraud, criminal records or any known unethical practices. A real background check in the Philippines, conducted by local professional investigators, will provide this information and more.
Professional background check investigations can provide valuable evidence on the subject, obtain independent references, and verify known information and backgrounds.
Below are some reasons why background checks work for business:
Risk reduction: Screening new employees in the Philippines is not the only scenario in which a background check investigation can lower your risk. Managers and investors now use professional investigation firms to verify their investments, potential employees, check reputation and operations of foreign business contacts, obtain information on assets and liabilities, and more. In short, investigators help clients obtain more information and evidence to make an informed decision.
Reputation Management: What if you’ve found the perfect candidate to manage your investment or legal team, but the subject has a horrible reputation or history or fraud? Hiring the wrong manager or starting a business relationship with the wrong person can not only damage your reputation, but can result in major financial loss. If countries like the Philippines the risk of something like this happening is greater, and so is the need to get the facts. In general, the poorer the country, the less transparency.
Save time and money: Professional background checks and company verification services can be expensive, but law enforcement and fraud experts agree, it’s wise insurance to have. In the long run, spending money on verifying new business contacts and job applicants saves companies valuable time and money. Hiring a manager who ends up costing the company millions in a legal battle for bad decisions, for example, or investing money with a company that doesn’t even exist can be a costly learning experience. Don’t try to save money and hope it won’t backfire on you.
Are you considering hiring or doing business in the Philippines? Have you met someone online or in person claiming to be able to deliver what you’re looking for? Don’t be a victim. Contact us today for a free quote on how to properly verify with a background check or due diligence.
© 2015 Philippine PI
© Copyright 2015 Philippine PI. All Rights Reserved. This content is the property of Philippine PI, LLC and is protected by United States of America and international copyright laws.