At Risk Vendor Detection
Highlights:
What is Your Process for
Detecting At Risk Vendors?
How often do you review your vendor master for potentially fraudulent vendors? A periodic review is a helpful mitigating control, but is by its nature, after the fact. APEX Analytix has a longer-term vision. Just like overpayments, at-risk vendors should be identified as early as possible, preferably before the money goes out the door.
We leverage both technology and skilled scrutiny to isolate and report high-risk situations and transactions. FirstStrike® has an automated report that can be generated daily/weekly/monthly to flag questionable vendors. The report is produced from an automated analysis of a client-provided data files to identify vendors with high risk characteristics, based on more than 20 specific routines. Vendor and invoice attributes are evaluated. Benford’s Law Analysis (which is based on numerical patterns) is one of many fraud-industry tests performed. All vendors with annual spending in excess of a designated threshold are examined. Vendors are scored and verified against independently published directories of over 12.5 million businesses, paid data retrieval services and state incorporation records.
The Vendor Risk Analysis Report, resulting from the automated and forensic analyst’s manual analysis, lists vendors that cannot be authenticated via public and proprietary APEX Analytix sources. This service offering, includes an additional step of manual review for inconsistencies and irregularities that is conducted by forensic analyst.