At Risk Vendor Detection

What is Your Process for
Detecting At Risk Vendors?

In the retail industry, transaction volumes are high and the pace of business is very rapid. Unfortunately, the combination can create opportunity for vendor fraud. Though it may not be feasible for you to interrupt your business to review your vendor master, there is a better way. Just like overpayments, at-risk vendors should be identified as early as possible, preferably before the money goes out the door. 

As a result, and enables our clients to document and sign off on those that have been investigated.

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 vendor data file to identify vendors with high risk characteristics, based on move than 20 specific routines. Vendor and invoice attributes are evaluated, and Benford’s law analysis (which is based on numerical patterns) is used. 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/or state incorporation records.

The Vendor Verification Report, resulting from the automated analysis, lists vendors that cannot be authenticated via public and proprietary APEX Analytix sources. An additional step of verification is conducted, including manual review for inconsistencies and irregularities.

To review the process in detail, download the Automated Vendor Risk Analysis brochure. Or, ask us for a sample Vendor Verification report.

Download the detailed Vendor Fraud Identification Process.