Vetting
to examine or treat in one's capacity.
to appraise, verify, or check for accuracy, authenticity, validity, etc.
1. Vetting refers to the process of examining a person or company for integrity and soundness.
2. In modern finance world, this world is used to thoroughly investigating an individual, company, or other entity before making a decision to go forward with a joint project or for a large investment.
1. A business will vet a potential major supplier in order to determine whether it has conducted its business efficiently and honestly in the past.
2. Credit history checks, criminal background checks, and personal interviews with past and current associates all are fair game in the vetting process.
Heavy reliance on vetting by government around the world has raised some concerns that was addressed by an australian newspaper :
The concern reported was that roughly around 350,000 people doing work for the Australian government had needed to undergo vetting processes to get their jobs. The cost to the government ranged from $300 for a minimum clearance to about $1,500 for a top security clearance.
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