IIM ROHTAK H U M A N E - R CLUB P re s e n ts
H R BULLETIN VOLUME 26
humane.r@iimrohtak.ac.in
HUMANE-R|VOLUME26
HR BULLETIN
Why identity verification is essential to background checks Many organizations are waking up to the fact that identity verification is not automatically happening as part of most commercial background checks. They’re also learning that identity verification often can’t simply be turned on with a flick of a switch. Many background screening vendors don’t offer identity verification at all. Others may not have integrated it as a seamless part of the screening process. Considering that identity is foundational to background checks, we must find ways to verify identity early in the hiring process. As we head into 2021, three key identity verification trends are poised to shape the post pandemic screening and hiring landscape. Verification Tools The process of verifying identity — confirming that someone is, in fact, who they claim to be — is not a novel concept. Most people are familiar with Knowledge-Based Authentication (KBA) or electronic Identity Verification (eIV) where individuals are presented with questions, the answers to which only the specific individual should (theoretically) know.
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Commonly used in the financial services industry, this verification method is far from flawless. KBA/eIV can be a challenge for younger people, or recent immigrants, who haven’t yet built up a deep enough credit history from which to draw a reliable question set. We’ve all also been in situations where we can’t remember aspects of our past, and it’s entirely plausible that a bad actor may be able to figure out enough pieces of our history to successfully pretend to be us. Identity theft and fraud have been on the rise for years and will continue to be a risk. According to Verizon’s 2020 Data Breach Investigations Report, 58% of data breaches involved personal data, such as names, phone numbers and physical addresses, which is nearly double last year’s percentage. With more personal information available on platforms like social media and the dark web, KBA/eIV grows ever more vulnerable to imposters. Fortunately, more advanced tools are within reach.
Similar to how our phones were once only protected with passwords but are now frequently unlocked with fingerprints or facial recognition, identity verification is also evolving. For example, emerging mobile tools can scan government-issued identity documents and then compare the photo to a selfie image captured by the user. Other methods include verifying the mobile phone handset itself, based on unique hardware identifiers to prove ownership. With such fast and convenient emerging tools, identity can now be verified without having to jog our memory about the make and model of our car from ten years ago. According to the Pew Research Center, approximately 96% of adult Americans own a cell phone, which makes mass adoption of modern identity verification methods a realistic possibility. We can expect mobile identity verification tools to get even better and faster, so incorporating them into the background check process will become a must in 2021. Tech improvements So how do identity verification tools work? KBA and government-issued document verification are just the tip of the iceberg. As we dig deeper, we realize identity verification is dynamic and constantly evolving. Identity verification can be conducted with the assistance of artificial intelligence, machine learning, high speed cell towers, facial recognition and more…
Read more at: Why identity verification is essential to background checks | HR Morning
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Livspace appoints its new CFO Saurabh Agrawal will lead Livspace’s finance, accounting and legal functions and enable its international expansion and profitability in 2021. Home interiors and renovation platform Livspace has announced the appointment of Saurabh Agarwal as their Chief Financial Officer. This appointment strengthens its leadership team and is a testament to Livspace’s commitment to rapid growth and sustainable scaling. Saurabh at Livspace has taken charge of the overall finance, accounting, and legal functions including Finance Ops, Risk and Compliance, and Taxation. “Livspace CEO and Co-Founder Anuj Srivastava said," We are very excited to have Saurabh on board at a time when Livpace is rapidly growing and expanding across new segments and countries. We are lucky to attract top talent like Saurabh and have him join our super talented and rockstar leadership team. His leadership and vast experience across various domains of finance is a fantastic addition for us.” Saurabh is a veteran in the industry with over 18 years of professional experience across various domains of finance. Agarwal started his career with Aditya Birla Sun Life Insurance serving in a variety of finance leadership roles. Saurabh is also a member of the Institute of Chartered Accountants of India (ICAI) as well as The Chartered Institute of Management Accountants (CIMA), London. Prior to his move to Livspace, Saurabh was one of the founding members of an industry moving startup Medlife.com which went on to become one of India’s largest ehealth platforms and recently merged with Pharmeasy. On his appointment, Saurabh said, “With a large number of people working remotely, it has become more important than ever to be comfortable at home. Livspace holds the unique advantage of becoming an organizer in such a large, fragmented sector and providing a consolidated platform for the best quality services to customers. Further, to witness the growth from India to International markets is equally exciting. I look forward to being a part of this tremendous journey, partnering with all functions to enable..
Read more at: News: Livspace appoints its new CFO — People Matters
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EY to hire 9000 professionals in 2021 in various technology roles The new hires will be from STEM backgrounds with skills across artificial intelligence, machine learning, cyber security, analytics and other emerging technologies. EY, the leading global professional services organization today announced that it would be inducting in the calendar year 2021 about 9000 new hires in India in various technology roles across all member firms including the global delivery centers, to expand its digital capabilities and help organizations solve their complex end-toend business transformation challenges. These hires will be from the STEM background and in areas including artificial intelligence, machine learning, cyber security, analytics and other emerging technologies. Rohan Sachdev, Partner and Consulting Practice Leader, EY India says: “We are making bold investments in our organization particularly in technology, data and through strategic acquisitions while continuing to expand our alliance and ecosystem relationships. Today, our clients, both in government and private businesses, are embarking on technology-led transformation and we are supporting them in this journey. With the pace of digital adoption accelerating exponentially, we are strengthening capabilities in emerging technology roles and significantly intensifying our hiring efforts in the coming year.” Over the past year, EY has hosted hackathons in cybersecurity and risk domains. Now as India grapples with the enormous task of vaccinating 1.3 billion people against COVID-19, EY has launched the EY Techathon 2021: #iSolve4aBillion Challenge, a technology innovation challenge, aimed to engage the best technology minds in India. EY is inviting university students from all disciplines to come forward and develop novel solutions to immunize Indians, considering the challenges of the country’s vast geography, demographics and infrastructure. Participants will get to use the latest technologies such as blockchain, artificial intelligence, machine learning and gamification, to develop a model immunization program across different spheres of supply chain, delivery, monitoring and vaccination. Along the way, students will learn EY’s technologies and platforms, and get to talk to subject-matter experts to learn ways of applying new digital paradigms to solve problems. The winner(s) stands to win exciting cash prizes, an opportunity for mentorship by EY leadership, work in EY’s..
Read more at: News: EY to hire 9000 professionals in 2021 in various technology roles — People Matters
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Wipro acquires IT units of German firm Metro AG Bengaluru based software giant Wipro will be acquiring the IT units of German firm Metro AG in a multi-year technology transformation deal with a revenue potential of $1Bn. This is the biggest deal of Wipro ever since Thierry Delaporte took over as CEO. In a deal worth €40Mn, Bengaluru based software giant Wipro will be acquiring the IT units of German firm Metro AG in a multi-year technology transformation deal with a revenue potential of $1Bn. Subject to customary closing conditions and regulatory approvals, the acquisition is expected to take place on or before April 30, 2021. This is the biggest deal of Wipro ever since Thierry Delaporte took over as CEO. According to a statement, Wipro will be acquiring IT assets of Metro across Germany, Romania and India. 1,300 employees of Metro will also be moving to Wipro. The multi-year deal is expected to generate $700 Mn in the first five years, and may likely extend by a further four years, the statement said. Timo Salzsieder, CIO at Metro AG, believes that this move would allow the organization to simplify and streamline its IT landscape, and gain access to innovation and the best digital practices. “The Metronomians who are transferring across to Wipro are going to have access to leading edge innovations that will accelerate their careers,” added Salzsieder.” As per the deal, Wipro will deliver a complete technology, engineering and solutions transformation programme for Metro as it positions itself as 360-degree wholesale provider in the hotel, restaurant and catering food industry. Along with offering application development and operations to provide an integrated, flexible and robust digital infrastructure to help drive Metro’s transformation, Wipro’s programme would also encompass cloud, data centre services, workplace and network services. “Wipro’s role is to make that transformation efficient and effective,” noted Wipro CEO Delaporte, adding, “Equally important for us is welcoming 1,300 new colleagues to Wipro and ensuring this..
Read more at: News: Wipro acquires IT units of German firm Metro AG — People Matters
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YES SECURITIES appoints Prasanth Prabhakaran as MD & CEO With over two and a half decades of experience in the BFSI space, Prasanth has been associated with YES SECURITIES since 2017. Prior to YES SECURITIES, he has worked with India Infoline, Kotak Securities and HDFC Bank. YES SECURITIES, the wholly owned Investment Banking, Merchant Banking, Wealth Broking & Investment Advisory subsidiary of YES BANK, announced the elevation of Prasanth Prabhakaran as the Managing Director and Chief Executive Officer (MD & CEO) of YES SECURITIES, with immediate effect.
Prasanth was previously the Joint MD & CEO, YES SECURITIES, spearheading the Wealth Broking & Investment Advisory and Institutional Equities business. In addition to the existing portfolio, he will also oversee the Investment Banking & Merchant Banking verticals. With over two and a half decades of experience in the BFSI space, Prasanth has been associated with YES SECURITIES since 2017. Prior to YES SECURITIES, he has worked with India Infoline, Kotak Securities and HDFC Bank. Commenting on the development, Prashant Kumar, MD & CEO, YES BANK and Chairman, YES SECURITIES said “We are delighted to announce the elevation of Prashant Prabhakaran as MD & CEO of YES SECURITIES. As a seasoned leader in the financial services industry, he has demonstrated remarkable ability to assess market dynamics, manage risks and drive business – these I believe are critical to lead the organization, including forging major client relationships, a strong focus on leading with innovation, commitment to employees and delivering value. I am confident that under his leadership, YES SECURITIES will continue building on the..
Read more at: News: YES SECURITIES appoints Prasanth Prabhakaran as MD & CEO — People Matters
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