APEX Analytix Vendor Risk Analysis Services
Benefit from an end-to-end, independent assessment
You may think your vendors represent little potential risk to your business, especially if you have prevention-based controls in place. In reality, though, costly undetected threats are lurking – from sophisticated fraud scams to suppliers with questionable business practices. Think about the potential negative publicity if you are working with firms known for labor violations, polluting the environment or defrauding unsuspecting businesses or consumers.
To keep your company profitable and out of the headlines, you need to know who you are working with and what risk they represent.
Common Vendor Risks
- Fictitious suppliers and fraudulent payment schemes
- Vendors taking risky compliance short cuts
- Vendors with legal or regulatory issues
- Vendors without a purchase order or contract
- Vendors operating outside the public domain
- Vendors representing a conflict of interest or collusion risk
- Vendors representing a business continuity risk
APEX Analytix offers a comprehensive vendor risk analysis service that is unique in the industry – giving you the upper hand against costly vendor fraud and other risks. While other firms conduct limited, random-sample vendor risk reviews, our auditors conduct a complete analysis – end to end. Sign Up for a Vendor Risk Analysis Health Check.
All your vendor-related information is analyzed using FirstStrike® Fraud Detect – our powerful, proprietary software tool that can quickly process large data stores from multiple procurement, payment and human resources systems. FirstStrike looks for proven red flags that can indicate potential fraud and risk – from consecutive invoice numbers to a match between employee and supplier data.
APEX Analytix certified fraud examiners use both public and proprietary resources to validate the results FirstStrike produces. We interpret, score and report on what we find, including those vendors representing your greatest risk. You will have all the information you need to investigate and take action on financial risks, potential vendor fraud, employee policy violations, conflicts of interest, lapsed business licenses, liability concerns and more. We even provide comprehensive recommendations for underlying process improvements to help you shore up your internal controls. You will be poised to reduce vendor risks, improve compliance with policies and procedures, reduce your financial exposure and protect the integrity of your brand.
Key Vendor Risk Analysis Deliverables
- Rank-ordered risk scores for each vendor
- Detailed profiles of riskiest vendors
- Employee-vendor matches
- Invoice anomalies
- Prohibited entities found in your vendor master
- Recommendations for process improvements and vendor risk controls
The APEX Analytix Advantage
- An independent assessment conducted by certified fraud examiners and auditors
- A laser-like focus on early detection and prevention
- Advanced analytics able to analyze all available data for red flags associated with fraud and risk
- Expert guidance in how to tighten you global controls framework for greater risk protection