Our team just got back from the 2024 Marketplace Risk Management Conference in San Francisco, and let’s just say, the insights were hotter than a jalapeño in July.
Yardstik’s Chief Technology Officer, Josh Cutler, joined a panel of experts to discuss trends in high-volume hiring. The panel featured Amy Leff, former leader at Meta and Medely, and Nick Prijic, VP of Driver Operations at Fetch.
Here are the five best quotes from their discussion:
1. Background checks are only the beginning of risk mitigation in high-volume hiring
Criminal background checks are important, but they’re only one piece of the puzzle.
“The background check is a very important tool for hiring and onboarding successfully, but it isn’t the only tool you need. You need to think more broadly about identity verification and fraud prevention.”
– Amy Leff
Criminal history alone doesn’t tell the whole story about a potential risk. It’s best used with other measures — like identity verification. Knowing the identity of your users is one of the most important pieces of information to reduce risk and build trust.
2. Fraudsters always evolve, so you must evolve too
Be quicker and smarter than the fraudsters that threaten your business.
“I think that there are a lot of opportunities to start thinking about how we build our products, how we build our policies, and how we leverage technology to make sure that you’re thinking about this as an ongoing fight.”
– Josh Cutler
To stay ahead, you should continually evaluate your strategies and tools. Fighting fraud isn’t always about creating an unbreakable wall; it’s about staying quick and flexible.
3. Good risk management means getting different teams to work together
Get your teams talking!
“Having a council or committee where everyone can hear from one another and have an open discussion around different types of risks is crucial.”
– Amy Leff
Risk management is a team sport. When you collaborate, you’ll uncover blind spots you didn’t even know existed. Regular cross-functional work can lead to innovative solutions and create a united front against any threats coming your way.
4. Use your vendors to help you understand and avoid risks
Think of your vendors as your partners in crime…crime prevention, that is.
“I always think of my vendors as thought partners. They might see other risks coming down the pipeline sooner and help us prepare.”
– Amy Leff
Invite your vendors to strategic conversations and welcome their feedback. Their broader industry view can help you be more nimble and proactive in addressing risks.
5. There is a great need for industry-wide collaboration
We’re all in this together. It’s time to break down the silos.
“I’m surprised at the lack of collaboration I see. We all fundamentally are solving the same problems. There’s a huge opportunity for us to share data and work together.”
– Josh Cutler
Let’s break down competitive barriers and start sharing data and best practices. Together, we can make the world a safer place for everyone.