The Concern
A mid-sized manufacturing company in Northern India was preparing to expand, with new banking relationships, more production capacity and a planned round of external investment ahead. Read More
What We Did
We worked with the board to understand the responsibilities, access and risks attached to the CFO role, and agreed a verification scope in proportion to that level of trust. Read More
What We Found
Most of the candidate’s profile held up, but two material issues had not come up during recruitment. Read More
The Outcome
The candidate acknowledged the overstated title and provided a corrected employment history. Read More
The Concern
A mid-sized manufacturing company in Northern India was preparing to expand, with new banking relationships, more production capacity and a planned round of external investment ahead. It needed a Chief Financial Officer who could manage growth, strengthen financial controls and represent the company credibly to lenders, auditors and investors.
After several rounds of interviews, the board chose a preferred candidate. The candidate had more than 15 years of finance experience, a recognised professional qualification and a career history that seemed to fit the role closely. The CV was polished, the interviews were strong and the references were positive.
Investor discussions were approaching, so the board was under pressure to close the appointment quickly. But the role would come with authority over company accounts, banking mandates, financial reporting and confidential strategic information. Leadership wanted assurance that the candidate was exactly who they appeared to be. It also wanted to avoid delaying the hire unnecessarily or rejecting a capable candidate on assumptions.
What We Did
- Defined the scope. We worked with the board to understand the responsibilities, access and risks attached to the CFO role, and agreed a verification scope in proportion to that level of trust.
- Secured consent. All checks were carried out with the candidate’s written consent.
- Verified at the source. We did not rely on documents and contacts supplied by the candidate. Instead, we confirmed information directly with issuing institutions, former employers and official records.
- Reviewed the full profile. We covered qualifications, employment history, professional standing, litigation and regulatory records, directorships and business interests, and the public domain.
- Reported proportionately. The board received a structured report that kept verified information separate from discrepancies and matters needing clarification. Each finding was assessed for how relevant it was to the role.
What We Found
Most of the candidate’s profile held up, but two material issues had not come up during recruitment.
- Qualifications were genuine. The degree and professional qualification were confirmed, and the candidate’s membership was in good standing with no disciplinary record.
- The record was clean. We found no litigation, criminal history, regulatory action or adverse media.
- A job title had been overstated. A previous role listed as “Finance Director” was actually “Senior Finance Manager”, reporting to the Finance Director, and the tenure was about eight months shorter than stated.
- A business interest had not been disclosed. The candidate held an active directorship and a minority shareholding in a private company in the same sector as the client. This created a potential conflict of interest in a role with access to pricing, supplier terms and expansion plans.
- The references hadn’t told the full story. None of the referees the candidate supplied had mentioned either issue.
The Outcome
The board raised both issues with the candidate before making an offer:
- Corrected history: The candidate acknowledged the overstated title and provided a corrected employment history. They explained that they had covered the Finance Director’s duties during a transition period.
- Conflict resolved: The candidate agreed to resign from the outside directorship and sell their shareholding before joining.
- Safeguards on file: The appointment went ahead with a formal conflict-of-interest declaration and written confirmation of the resignation on record.
The company appointed a capable CFO on the basis of verified facts. The risks were dealt with before the candidate took up the role, and the investment timeline stayed on track.