CONTINUOUS AUTOMATED PROTECTION
THINK YOU DON’T HAVE A FRAUD RISK?
Today’s technology-driven business environment can be a haven for fraud perpetrators who are eager to strip unsuspecting companies of valuable financial assets. Nowhere are the challenges greater than in the procure-to-pay cycle, where unscrupulous vendors and employees can cost you dearly.
You may think that internal process controls are enough. But even in the world’s best-run organizations, there are many ways to bypass existing controls, especially by insiders who know the ropes. In its 2018 Report to the Nations, the Association of Certified Fraud Examiners (ACFE) says the typical organization loses 5 percent of its revenues to fraud each year—an estimated $4 trillion globally.
ITS TIME TO EXAMINE YOUR FRAUD RISKS
ACFE data shows:
• The median time of detection for fraud schemes is 16 months.
• 53 percent organizations that fall victim to fraud fail to recover their losses while 32 percent made a partial recovery.
It’s time to examine your risks now, before significant dollars are lost, never to be recovered.
RANDOM SAMPLING ONLY SCRATCHES THE SURFACE
In an attempt to uncover disbursement fraud, many companies rely on random sampling by auditors. But there can be significant risks found at lower spending levels where there are large numbers of vendors and invoices.
That means a relatively large sample is needed to screen for fraud effectively—requiring both time and money.
THE POWER OF A COMPREHENSIVE DAILY ANALYSIS
But what if you had an automated solution that could flag every new vendor and every new invoice for potential fraud? What if this same solution could quickly comb through tens of thousands of invoices looking for suspect patterns—protecting you
before a single payment was disbursed?
apexanalytix offers you a way to analyze your data quickly and affordably for optimal results. Using our firststrike® Fraud Detect software, you can identify financial risks and mitigate fraud.
MONITOR EVERY VENDOR, EVERY INVOICE—EVERY DAY
firststrike Fraud Detect software continuously monitors vendor and employee data, as well as the mountain of invoices submitted to your company for payment. Sophisticated analytics consolidate and analyze overlapping vendor-employee relationships, flag suspicious vendors, prioritize risks and provide clear, actionable results for investigation.
PROVEN, EASY-TO-USE TECHNOLOGY
apexanalytix firststrike Fraud Detect is proven technology used by some of the largest and most successful companies around the globe.
Features/Benefits:
• Works with a wide variety of procurement and payment platforms, including homegrown systems.
• Produces ready, actionable information prioritized by risk score.
• Provides consolidated, company-wide view of your risk.
• Automatically sources comprehensive, up-to-date global lists of prohibited entities.
• Includes a variety of ready-to-use reports that can be easily configured to your precise specifications.
• Optionally, apexanalytix also can provide certified fraud experts to help you investigate the results firststrike Fraud Detect uncovers so you can free your internal team for other tasks.
firststrike Fraud Detect Key Deliverables:
• Risk score for each vendor meeting criteria
• Detailed vendor profiles
• Employee to vendor matching
• Prohibited entity analysis
• Vendor business risk analysis
• Vendor anomalies
• And much more
Enabling You to Identify and Take Action On:
• Suspected fraud
• Employee policy violations
• Conflicts of interest
• Vendor agreement violations
• Vendor business risks
• Compliance issues
THREE STEPS TO CONTINUOUS PROTECTION
STEP 1: Use simple but powerful firststrike Fraud Detect tools to set parameters and thresholds that meet the specific needs of your organization.
STEP 2: Let firststrike Fraud Detect automatically analyze data from your procure-to-pay and human resources systems automatically and flag attributes for financial risk and fraud—from consecutive invoice numbers for a given vendor to a match between an employee and vendor phone number.
STEP 3: Review firststrike reports. They will point to anomalies and deliver the detailed information you need to investigate and take action.
