In this weekend's FT there was an article about the increase in the level of checking tenants. This is fully undestandable in the current economic environment, but what kinds of checks are appropriate for a tenant?
"Letting agents are putting prospective tenants through rigorous credit checks as property owners want to see proof of income, including bonuses, as well as highly personal information such as the value of investment and share portfolios and savings accounts.
Knight Frank, the agent, said it had reviewed its reference process for new tenants to make sure it could provide enough data for landlords. Rather than using traditional credit checking agencies it is now conducting manual checks itself.
In some cases it is having to procure an indication of the tenants’ net wealth from their banks as well as guarantees from their employers that their jobs are permanent and not under threat, and details of their anticipated bonuses. " states the article in the FT.
Considering that the risk to the landlord is similar -if not greater- to the risk to an employer, then it would only make sense that checks that confirm the likelihood of the tenant remaining in employment should be conducted. Obviously an employer is unlikely to confirm whether they intend to make someone redundant in the near future, but asking the right questions may give you a good indication as to the relative job security of a prospective tenant.
Showing posts with label data security. Show all posts
Showing posts with label data security. Show all posts
Monday, 6 July 2009
Tuesday, 23 June 2009
Powerchex sign up to the Information Commissioner's Personal Information Promise
Powerchex have strengthened their commitment to data protection by signing up to the Information Commissioner’s Personal Information Promise.
The initiative was launched by the Information Commissioner in January 2009 in response to recent reports of major data losses by organisations and is designed to improve compliance with the Data Protection Act and help restore public trust and confidence in those who are entrusted with their personal information.
The Information Commissioner is urging the heads of organisations to sign up and commit to the principles outlined in the pledge to prove that they are dedicated to protecting data. So far senior leaders from organisations such as T-Mobile, British Gas, BT, the NHS Information Centre, Royal Mail and Vodafone, have all signed up.
Alexandra Kelly, Managing Director at Powerchex, said it was an easy decision to make. “Powerchex are already registered with the Information Commissioner as a data processor and data controller so this just backs up what we already do. Protecting the personal data of our clients and their applicants has always been one of our top priorities. Whether that means making sure that visitors are always escorted around the building or disabling USB ports on all of our computers, we have always been dedicated to complying, and more often than not, going beyond what the law requires.”
The initiative was launched by the Information Commissioner in January 2009 in response to recent reports of major data losses by organisations and is designed to improve compliance with the Data Protection Act and help restore public trust and confidence in those who are entrusted with their personal information.
The Information Commissioner is urging the heads of organisations to sign up and commit to the principles outlined in the pledge to prove that they are dedicated to protecting data. So far senior leaders from organisations such as T-Mobile, British Gas, BT, the NHS Information Centre, Royal Mail and Vodafone, have all signed up.
Alexandra Kelly, Managing Director at Powerchex, said it was an easy decision to make. “Powerchex are already registered with the Information Commissioner as a data processor and data controller so this just backs up what we already do. Protecting the personal data of our clients and their applicants has always been one of our top priorities. Whether that means making sure that visitors are always escorted around the building or disabling USB ports on all of our computers, we have always been dedicated to complying, and more often than not, going beyond what the law requires.”
Friday, 19 June 2009
Powerchex issues statement on Data Security in Financial Services
Powerchex warns financial institutions on poor data security
London, June 19th, 2009. Powerchex Limited, the leading pre-employment screening firm for financial institutions, has backed the Financial Services Authority (FSA) in their stance on the data security measures finance firms should be employing to protect customer data.
In a paper released in April 2008, the FSA highlighted a number of examples of bad practice by financial services firms. Amongst their findings they discovered that generally a high level of vetting is being applied to senior staff, but junior staff and those working in areas that would allow them to view sensitive data are not being vetted appropriately. Most notably very few firms were found to be conducting criminal record checks on junior staff.
“We strongly advise our clients to determine the level of vetting required using a risk based approach rather than a rank based approach. Someone who works in a call centre is likely to have access to large volumes of customer data. So are they less of a risk than a senior manager? Not in our view, so why should they be vetted to a lower level?” says Alexandra Kelly, Director of Powerchex.
The FSA also found that some financial firms were subjecting temporary workers to less rigours vetting than permanently employed colleagues carrying out similar roles. Kelly believes that firms are starting to realise the biggest threat is from within.
“Temporary workers pose the same, if not a bigger risk to the company than permanent employees. Data Security is not just an IT issue. Firms should appoint a senior manager who heads a committee that has representation from all areas of the business, including Human Resources. And firms should also be asking their suppliers the same questions they ask themselves in regards to how sensitive data is kept safe.”
The FSA backed up their report by handing out a hefty fine to Merchant Securities Group Limited (Merchant Securities) in June 2008 for weak data security. Margaret Cole, Director of Enforcement at the FSA, said, “Reducing financial crime in the UK is a priority for the FSA and our recent data security report showed that many firms still need to do more to get it right. We will not wait until information has been lost or stolen before taking action against a firm. The level of the fine for a firm of this size should serve as a warning to others to take data security seriously.”
As the need for financial institutions to hold and transfer sensitive data increases, so does the risk they face. In the future financial firms are likely to employ more and more stringent data protection measures and their employees and suppliers can expect to be checked more thoroughly and more often.
London, June 19th, 2009. Powerchex Limited, the leading pre-employment screening firm for financial institutions, has backed the Financial Services Authority (FSA) in their stance on the data security measures finance firms should be employing to protect customer data.
In a paper released in April 2008, the FSA highlighted a number of examples of bad practice by financial services firms. Amongst their findings they discovered that generally a high level of vetting is being applied to senior staff, but junior staff and those working in areas that would allow them to view sensitive data are not being vetted appropriately. Most notably very few firms were found to be conducting criminal record checks on junior staff.
“We strongly advise our clients to determine the level of vetting required using a risk based approach rather than a rank based approach. Someone who works in a call centre is likely to have access to large volumes of customer data. So are they less of a risk than a senior manager? Not in our view, so why should they be vetted to a lower level?” says Alexandra Kelly, Director of Powerchex.
The FSA also found that some financial firms were subjecting temporary workers to less rigours vetting than permanently employed colleagues carrying out similar roles. Kelly believes that firms are starting to realise the biggest threat is from within.
“Temporary workers pose the same, if not a bigger risk to the company than permanent employees. Data Security is not just an IT issue. Firms should appoint a senior manager who heads a committee that has representation from all areas of the business, including Human Resources. And firms should also be asking their suppliers the same questions they ask themselves in regards to how sensitive data is kept safe.”
The FSA backed up their report by handing out a hefty fine to Merchant Securities Group Limited (Merchant Securities) in June 2008 for weak data security. Margaret Cole, Director of Enforcement at the FSA, said, “Reducing financial crime in the UK is a priority for the FSA and our recent data security report showed that many firms still need to do more to get it right. We will not wait until information has been lost or stolen before taking action against a firm. The level of the fine for a firm of this size should serve as a warning to others to take data security seriously.”
As the need for financial institutions to hold and transfer sensitive data increases, so does the risk they face. In the future financial firms are likely to employ more and more stringent data protection measures and their employees and suppliers can expect to be checked more thoroughly and more often.
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