continyous data & forensics

What is your process for detecting at-risk vendors? How often do you review your vendor master for potentially fraudulent vendors?

Periodic reviews are a helpful mitigating control, and a great start to a fraud and risk detection program. Many companies like yours are taking the next step, and proactively addressing vendor fraud. Just like overpayments, at-risk vendors should be identified as early as possible, minimizing the money that goes out the door.

With APEX, you can leverage both technology and expertise to isolate and report high-risk situations and transactions. APEX FirstStrike Fraud Detect software has been refined over years of experience with some of the largest companies in the world to uncover where fraud hides in the disbursement process. It comes ready with built-in algorithms that target traditional fraud indicators as well as monitor and check for regulatory and policy violations.

Using automated analysis of the data files you provide, APEX draws on more than 20 proven routines to help you identify vendors with high risk characteristics. Vendor and invoice attributes are equally evaluated, and Benford’s Law Analysis (which is based on numerical patterns) is applied as one of many fraud-industry tests performed. Vendors are also scored and verified against independently published directories of more than 12.5 million businesses, paid data retrieval services and state incorporation records.

If you aren’t sure if you are at risk of fraud in your vendor base or disbursement process, a vendor risk analysis is a great place to start. Using FirstStrike Fraud Detect to assess disbursement and employee data, we help you see where risk and potential fraud exist. APEX Vendor Risk Analysis Report, resulting from the automated data analysis plus an additional manual analysis conducted by an objective forensic analyst, spotlights any inconsistencies and precisely point out where irregularities are happening, so you can keep them from negatively impacting operations and vendor relationships.

Bottom line:  APEX at-risk vendor detection solutions and fraud prevention software harness the information in your data, and combine it with our forensics expertise to help you regain control, mitigate future mistakes, and preserve your highest quality vendor relationships.