How often do you review your vendor master file for business risks and potentially fraudulent vendors? What about examining vendor invoices to identify risk exposures and characteristics or anomalies of fraud?
Periodic reviews are a helpful mitigating control, and a great start to a fraud and risk detection program. But it’s important to take the next step. APEX’s software solutions can help you take a forward-looking and proactive view, by enabling you to identify at-risk vendors early -- at the beginning of the disbursement process -- so you have the ability to reduce, or eliminate the opportunity for inappropriate payments.
FirstStrike® Fraud Detect monitors every vendor, every invoice for you… everyday.
Teaming with APEX you’ll develop the skills and expertise you need to isolate and report high-risk situations and transactions. FirstStrike Fraud Detect has automated analytics that provide prioritized risk scores on all of your vendors, and advance reports can be generated daily/weekly/monthly to identify vendors with high risk characteristics, based on more than 20 proven industry routines. FirstStrike can also provide validation against more than 20 prohibited entity listings to manage your compliance risk.
APEX also offers an outsourced model of Vendor Risk Analysis in which APEX specialists utilize the FirstStrike tools to provide you with a detailed risk management report. This report includes additional manual review and verification processes that can be tailored to your needs.
Bottom Line: APEX provides you with a unique approach to monitoring both vendor and invoice attributes, a highly configurable interface with detailed and prioritized results, so you and your team can effectively identify and monitor high risk vendors like never before.