Powerchex
Encyclopedia
Powerchex is a UK based pre-employment screening company specialising in the financial services sector in the City of London
.
Powerchex is a full member of the UK chapter of the National Association of Professional Background Screeners or NAPBS, and was started by Alexandra Kelly in 2005 who is the current MD and full owner of the company.
In 2007, Powerchex won three awards at the Thames Gateway Business Awards, including the 'Growth Business', 'Business of the Year', with Kelly scooping 'Business Person of the Year'. Powerchex also won the 'Service Business of the Year' award at the Natwest Start-up Awards 2007. In 2008 Powerchex was awarded the NatWest Thames Gateway Business of Year. In 2009, the company won the DBC & East London Chamber of Commerce Business of the Year Award.
On June 23, 2010, Irvine, CA based HireRight Inc., a U.S. background screening company, announced that it had acquired Powerchex.
On August 3, 2010, HireRight parent company Altegrity Risk International
announced it had completed the acquisition of Kroll Inc.
from Marsh & McLennan Companies
in an all-cash transaction valued at $1.13 billion. Both Powerchex and Kroll Background Screening are now fully owned subsidiaries of HireRight Inc.
into trends in applicant fraud. The 2007 research discovered that 89% of undisclosed criminal records are found on the CVs of temps and that overall, discrepancies on CVs have fallen by 18% from 31% in 2005/2006 to 13% in 2006/2007. The findings were published in the national press including The Guardian
.
In the 2008 research, Powerchex found that 43% of applicants from the UK’s lowest ranking universities had some form of major embellishment hidden on their application, compared to just 14% of applicants from the top-twenty rated schools. It also found that maths and science graduates are more honest than arts graduates, who have a particularly high rate of major embellishment. The findings were published in the national press including the Financial Times
, The Times
, The Daily Telegraph
, and BBC News Online
.
The 2009 research, of nearly 5,000 job applications in the financial sector, found a continued increase in candidates lying on their CVs since the beginning of the recession. Nearly one in five applicants now had a major lie on their CV. It also found that young graduates had the largest increase, 29%, in the number of lying applicants. The findings were reported on television on the BBC News
, followed by an interview with Powerchex Managing Director Alexandra Kelly, as well as in national papers including The Times
and The Guardian
.
The 2010 research revealed the number of job applicants’ CVs containing discrepancy decreased to 15%, which is the first time in four years that a decrease has been discovered. The largest decrease was found in the banking sector. The rate of hidden criminal records trebled; 38% of hidden criminal records were found in applications to the insurance industry, and 28% were found in applications to funds and hedge funds. Almost 2% of financial services applicants concealed a negative credit record, and brokers’ applications were found to contain the highest rate of discrepancies for the second year running. Job applicants to financial services from South West England have the highest discrepancy rate, with over 25% found to have contained a discrepancy in their applications. Women are more likely to have a discrepancy on their CV than men. As the level to which a job applicant has been educated increases, the likelihood of his or her CV to contain a discrepancy decreases. British applicants to jobs in the UK financial sector are three times more likely to contain discrepancies on their CVs than applicants to the same firms from the rest of the world.
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
.
Powerchex is a full member of the UK chapter of the National Association of Professional Background Screeners or NAPBS, and was started by Alexandra Kelly in 2005 who is the current MD and full owner of the company.
In 2007, Powerchex won three awards at the Thames Gateway Business Awards, including the 'Growth Business', 'Business of the Year', with Kelly scooping 'Business Person of the Year'. Powerchex also won the 'Service Business of the Year' award at the Natwest Start-up Awards 2007. In 2008 Powerchex was awarded the NatWest Thames Gateway Business of Year. In 2009, the company won the DBC & East London Chamber of Commerce Business of the Year Award.
On June 23, 2010, Irvine, CA based HireRight Inc., a U.S. background screening company, announced that it had acquired Powerchex.
On August 3, 2010, HireRight parent company Altegrity Risk International
Altegrity Risk International
Altegrity Risk International is a New York City based global risk consulting and information services company. A subsidiary of Altegrity, Inc. of Falls Church, VA, ARI provides investigations, business intelligence, forensic accounting, compliance & monitoring and security services to businesses...
announced it had completed the acquisition of Kroll Inc.
Kroll Inc.
Kroll is a risk consultancy firm based in Midtown Manhattan, New York City. and established in 1972.- History:Kroll was founded in 1972 by Jules B. Kroll as a consultant to corporate purchasing departments...
from Marsh & McLennan Companies
Marsh & McLennan Companies
Marsh & McLennan Companies, Inc. is a US-based global professional services and insurance brokerage firm. In 2007, it had over 57,000 employees and annual revenues of $10.49 billion. Marsh & McLennan Companies was ranked the 221st largest corporation in the United States by the 2009 Fortune 500...
in an all-cash transaction valued at $1.13 billion. Both Powerchex and Kroll Background Screening are now fully owned subsidiaries of HireRight Inc.
Research
Every year Powerchex commissions the Shell Technology and Enterprise Programme to conduct market researchMarket research
Market research is any organized effort to gather information about markets or customers. It is a very important component of business strategy...
into trends in applicant fraud. The 2007 research discovered that 89% of undisclosed criminal records are found on the CVs of temps and that overall, discrepancies on CVs have fallen by 18% from 31% in 2005/2006 to 13% in 2006/2007. The findings were published in the national press including The Guardian
The Guardian
The Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...
.
In the 2008 research, Powerchex found that 43% of applicants from the UK’s lowest ranking universities had some form of major embellishment hidden on their application, compared to just 14% of applicants from the top-twenty rated schools. It also found that maths and science graduates are more honest than arts graduates, who have a particularly high rate of major embellishment. The findings were published in the national press including the Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
, The Times
The Times
The Times is a British daily national newspaper, first published in London in 1785 under the title The Daily Universal Register . The Times and its sister paper The Sunday Times are published by Times Newspapers Limited, a subsidiary since 1981 of News International...
, The Daily Telegraph
The Daily Telegraph
The Daily Telegraph is a daily morning broadsheet newspaper distributed throughout the United Kingdom and internationally. The newspaper was founded by Arthur B...
, and BBC News Online
BBC News Online
BBC News Online is the website of BBC News, the division of the BBC responsible for newsgathering and production. The website is the most popular news website in the United Kingdom and forms a major part of BBC Online ....
.
The 2009 research, of nearly 5,000 job applications in the financial sector, found a continued increase in candidates lying on their CVs since the beginning of the recession. Nearly one in five applicants now had a major lie on their CV. It also found that young graduates had the largest increase, 29%, in the number of lying applicants. The findings were reported on television on the BBC News
BBC News
BBC News is the department of the British Broadcasting Corporation responsible for the gathering and broadcasting of news and current affairs. The department is the world's largest broadcast news organisation and generates about 120 hours of radio and television output each day, as well as online...
, followed by an interview with Powerchex Managing Director Alexandra Kelly, as well as in national papers including The Times
The Times
The Times is a British daily national newspaper, first published in London in 1785 under the title The Daily Universal Register . The Times and its sister paper The Sunday Times are published by Times Newspapers Limited, a subsidiary since 1981 of News International...
and The Guardian
The Guardian
The Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...
.
The 2010 research revealed the number of job applicants’ CVs containing discrepancy decreased to 15%, which is the first time in four years that a decrease has been discovered. The largest decrease was found in the banking sector. The rate of hidden criminal records trebled; 38% of hidden criminal records were found in applications to the insurance industry, and 28% were found in applications to funds and hedge funds. Almost 2% of financial services applicants concealed a negative credit record, and brokers’ applications were found to contain the highest rate of discrepancies for the second year running. Job applicants to financial services from South West England have the highest discrepancy rate, with over 25% found to have contained a discrepancy in their applications. Women are more likely to have a discrepancy on their CV than men. As the level to which a job applicant has been educated increases, the likelihood of his or her CV to contain a discrepancy decreases. British applicants to jobs in the UK financial sector are three times more likely to contain discrepancies on their CVs than applicants to the same firms from the rest of the world.
Further reading
- "Managers cautiously start hiring once more" in Financial TimesFinancial TimesThe Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
(July 25, 2010) - "Powerchex Annual Survey 2010"
- "Powerchex Annual Survey 2009"
- "Powechex Acquired by Global Employment Screening Provider HireRight"
- "Powerchex Annual Survey 2008"
- "A Degree of Creativity" in Financial TimesFinancial TimesThe Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
(July 21, 2008) - "The week in work:July 24" in TimesOnline (July 24, 2008)
- "Arts graduates 'more likely to lie on CVs' in The Daily TelegraphThe Daily TelegraphThe Daily Telegraph is a daily morning broadsheet newspaper distributed throughout the United Kingdom and internationally. The newspaper was founded by Arthur B...
(21 July 2008) - "Some Students Tell More CV Lies" in BBC News OnlineBBC News OnlineBBC News Online is the website of BBC News, the division of the BBC responsible for newsgathering and production. The website is the most popular news website in the United Kingdom and forms a major part of BBC Online ....
(July 21, 2008) - "Honesty in the City? Well just on CVs in The GuardianThe GuardianThe Guardian, formerly known as The Manchester Guardian , is a British national daily newspaper in the Berliner format...
(August 4, 2007) - "Beware the pitfalls of a dodgy reference", Recruiter Magazine (October 21, 2005)
- "Truth of fiction", Management Issue (August 18, 2005)
- "Firms 'sloppy at vetting staff", Business Europe (August 16, 2005)
- "Implementing an effective screening policy"
See also
- Background CheckBackground checkA background check or background investigation is the process of looking up and compiling criminal records, commercial records and financial records of an individual....
- Criminal record check
- Security clearanceSecurity clearanceA security clearance is a status granted to individuals allowing them access to classified information, i.e., state secrets, or to restricted areas after completion of a thorough background check. The term "security clearance" is also sometimes used in private organizations that have a formal...
- VettingVettingVetting is a process of examination and evaluation, generally referring to performing a background check on someone before offering him or her employment, conferring an award, etc...
- Governance, Risk Management, and ComplianceGovernance, Risk Management, and ComplianceGovernance, Risk Management, and Compliance or GRC is the umbrella term covering an organization's approach across these three areas. Being closely related concerns, governance, risk and compliance activities are increasingly being integrated and aligned to some extent in order to avoid conflicts,...
- RecruitmentRecruitmentRecruitment refers to the process of attracting, screening, and selecting qualified people for a job. For some components of the recruitment process, mid- and large-size organizations often retain professional recruiters or outsource some of the process to recruitment agencies.The recruitment...
- Human ResourcesHuman resourcesHuman resources is a term used to describe the individuals who make up the workforce of an organization, although it is also applied in labor economics to, for example, business sectors or even whole nations...