APEX Analytix Introduces Enhanced Risk Analysis Services and Software to Detect Vendor and Employee Fraud
GREENSBORO, N.C., Feb. 11 / / -- APEX Analytix, a leading provider of audit recovery services and software for performance management, error prevention and fraud detection in the procure-to-pay cycle, today announced the launch of enhanced versions of its industry leading Vendor Risk Analysis services and FirstStrike(TM) Fraud Detect software.
Both will be featured this week during the National Association of Procurement and Payables conference in Marina Del Rey, Calif.
Fraud is a major issue for today's businesses. According to a 2007 Kroll Report on global fraud, four out of five firms have experienced losses from fraud in the past three years. Larger firms have averaged losses of $20 million, with about one in 10 losing more than $100 million. To complicate the issue, a recent report from the Public Company Accounting Oversight Board says that auditors are doing a poor job of detecting fraud.
To help companies stem their losses, APEX Analytix now offers enhanced Vendor Risk Analysis services that combine a manual evaluation by trained fraud prevention forensic analysts with the use of sophisticated software to flag high-risk transactions and vendors. Once potential problems are detected, auditors review documentation, public and proprietary databases and other resources to identify both fraudulent vendors and employees who sidestep internal controls.
APEX Analytix also is introducing an enhanced version of FirstStrike(TM) Fraud Detect, a comprehensive software solution that provides the continuous monitoring companies need to fight fraud in the accounts payable disbursement process. The company has partnered with ATTUS Technologies, a leader in regulatory compliance, to incorporate the latest government information on prohibited individuals, companies and countries into FirstStrike(TM) Fraud Detect, including lists of known terrorists and international narcotics and weapons traffickers provided by the Office of Foreign Asset Controls.
FirstStrike(TM) Fraud Detect uses sophisticated algorithms and analytics to consolidate, monitor and analyze all vendor, invoice and employee data. More than 20 proven industry controls are used to uncover overlapping relationships, flag suspicious transactions and provide a risk score for each vendor. As a result, companies are able to focus on clear, actionable results. They also have the tools they need to validate internal controls and to comply with Sarbanes-Oxley and other federal regulations by demonstrating a proactive approach to fraud detection.
About APEX Analytix
Founded in 1988, APEX Analytix is an innovative audit recovery firm serving more than a third of the Fortune 100. The company has transformed the audit recovery industry with FirstStrike(TM), a highly functional family of standards-based software that detects and prevents both errors and fraud and improves performance across the procure-to-pay process. To date FirstStrike(TM) has saved businesses more than $1.5 billion in overpayments and is the most widely used software of its type. For more information call 800.284.4522 or visit www.apexanalytix.com .
About ATTUS Technologies Inc.
Headquartered in Charlotte, N.C., ATTUS Technologies is an industry leader in software and services for regulatory compliance, homeland security and fraud prevention. Since 1998, ATTUS has provided solutions to banks, credit unions, savings loan, trust, insurance, real estate and securities companies. Over 3,000 corporations utilize ATTUS solutions for the Gramm-Leach-Bliley Act (GLBA), USA PATRIOT Act, the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC), Financial Crimes Enforcement Network (FinCEN), AML, BSA, Reg CC and compliance training. For more information, visit www.attustech.com.
Source: APEX Analytix
CONTACT: Linda Edgerton for APEX Analytix, +1-336-286-9211, ledgerton@triadbiz.rr.com
Web site: www.apexanalytix.com/
http://www.attustech.com/
