Supplier Risk Monitoring from Trusted, Global Sources
Benefit from an Integrated, Continuous Monitoring Solution
SmartVM continuously monitors suppliers by connecting to 650+ global government, regulatory and third-party databases. If a supplier fails an OFAC screening or is added to a prohibited list, SmartVM knows in real-time.
Based on our Vendor Master benchmarking, 0.53% of an average company’s suppliers are already on a prohibited list. If a company has 10,000 suppliers, on average 53 have already been flagged and your company should not be doing business with them. Furthermore, 0.53% was the average. Several companies in our research had over 1.5% of suppliers on prohibited lists!
Ask an APEX Analytix Expert:
Brian Hutton - Director of Global Contract Compliance, Certified Fraud Examiner
Which vendor data can predict procurement fraud?
Residential addresses used for businesses, consecutive invoice numbers from a supplier, employee and supplier matching data, and small first payments are some of the many potential predictors of fraudulent activity.
Small first payments is a good example of how a bad actor would test a company’s internal controls. If they submit a small initial invoice and become established in the
system, they will then follow up with larger amounts that may have gotten flagged if they were an initial invoice.
Our software FirstStrike® processes large sets of data across multiple procurement, payment and human resources systems to identify potential vendor risk, employee fraud, and procurement fraud. Our clients are always surprised at how much is slipping through their controls.
SmartVM is a vendor risk management solution that can identify these vendors instantly and any future companies that increase your company’s exposure to vendor risk. Integration with global databases in real-time combined with our 20M supplier contact database, enables SmartVM to identify:
- OFAC violations
- Vendor and Employee fraud
- Policy violations
- Conflicts of interest
- Lapsed business licenses
- Liability concerns
- Invoice anomalies
- Incorrect addresses
- TIN / VAT verification failures
The APEX Analytix Advantage
- Continuous monitoring of 650+ global government, regulatory and third-party databases
- FirstStrike’s advanced predictive analytics to quickly scour large datasets and identify red flags associated with fraud and risk
- 30+ years of identifying risky vendors and capturing savings through fraud reduction and disbursement recovery
- A team of certified fraud examiners that know how risk is evolving and how to expose it
- Expert guidance in how to tighten your global controls framework and vendor risk management
What sets us apart: APEX Analytix has the technology and know-how to conduct a comprehensive analysis of fraud and other vendor-related risks. Our experts analyze all your data to uncover red flags, identify suspicious patterns and provide the comprehensive background needed for an investigation.