Question

it helps in letting the concerned officials know about all the people concerned with the business. "

Answer 1

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Answer 2

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The team concerned is short for something like the team that is concerned with it.

While the concerned team is also valid in that context, on its own I'd be more likely understand it as referring to a team of people that are feeling worried. So you're both correct, but I'd say your phrasing is generally preferable.