Gain Greater Visibility Via a Vendor Audit
Vendor relationships can typically go in one of two directions: they can deliver immense value to an organization or they can expose it to a vast array of risks. Companies can avert risks, data breaches and safeguard customers’ personal information by conducting regular vendor compliance audits.
What is a Vendor Audit?
Companies realize the value of keeping its customer data and financial processes secured. A vendor audit will examine a broad range of factors.
A vendor audit can zero in on anomalies, such as duplicate billing or erroneous charges.
A vendor audit may include a review of the vendor’s accounting records, or one or more of the following:
1. Data analysis of financial transactions and records |
2. Review of high-risk transactions |
3. Examination of vendors’ documents, (contracts, policies, etc.) |
4. Interview company employees who interact with vendors |
5. Conduct vendor questionnaires |
6. Interview vendors’ management team members |
7. Scrutinize anomalies to identify any red-flag transactions |
8. Document all findings in a Vendor Risk Assessment Report |
9. Propose remediation action steps |
Why Perform a Vendor Audit?
By performing frequent, rigorous vendor audits, you send a strong message. Vendors, along your employees, will have foreknowledge that audits are part of your standard operating procedures.
Astute has extensive experience in conducting Vendor Audits. Leveraging automation, we can provide you with real-time visibility into vendor activity. If any suspicious activity surfaces, you can act on it instantly.
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