Financial Background Investigation
Description
By automating the verification process for conducting background screenings, the tool helps FDIC make faster and more informed hiring and investigatory decisions.
Detailed example
System outputs only include credit information such as if payments are made on-time, any delinquencies, and/or liens or bankruptcies etc. An applicant’s FICO score is not part of the Financial Background Investigation process and is not that factored into the suitability, fitness, or eligibility determination.
AI / analytics pattern
Classical/Predictive Machine Learning: Models trained on data to make predictions or classifications based on identified patterns or relationships.
Automation level / stage
c) Deployed – The use case is being actively authorized or utilized to support the functions or mission of an agency.
Expected benefit
Improving the time in completing background screening. Reduce inaccurate and/or incomplete information on individuals. Reduce the manual verification process, which can be cumbersome and place a heavy administration burden on HR staff.
Controls / human review
ATO: No; PIA: N/A
Data needed
Not Applicable