Recent Economic crime surveys have shown that corruption is a major concern across all organisations, globally. The findings show that stealing by employees appear to be on a rising trend. Research indicates the most significant factor contributing to fraudulent behavior is the lack of sound and systematic business procedures associated with the company’s payment processes. There are many software solutions that already exist to detect fraud; however there is a lack of products that actually help in the detection prior to funds leaving a company’s account. Vigilance is a simple to use cloud based software solution that analyses payment data and ensures sound process exists when beings made.
Vigilance has been crafted for the purpose of helping businesses ensure that pre-emptive systems and checks exist within their operations to safe-guard their accounts. Vigilance ensures systematic review and autherisation processes exist with the company, checking the payee details and bank account information prior to the payment being released. This is where Vigilance is different. Vigilance reports any proposed payments that it determines as a “risky” to a number of specified people within the company.
It’s not humanly possible to check all Payees, Vendor or Employees bank accounts are correct when approving a high volume of transactions. Vigilance catches any human error or possible fraudulent payments prior to payments leaving an account.
Easy Installation and Workflow
Vigilance can be installed in just a few simple steps. It does not require integration with your existing accounting systems and requires minimal change to user processes. Vigilance is suitable for most businesses, whether you use batch or bulk payment methods, ensuring consistency in each step of payment approval processes.
Payment Risk Detection
Every transaction carries some level of risk, whether it is fraud, duplicate payments or poor spending. Vigilance performs continuous analysis on your payment data by looking at patterns and abnormality, reporting these findings in a meaningful Audit and Risk Report.
Simple to use
Vigilance is a secure and intuitive enhancement that removes inconsistencies, giving stakeholders confidence that the best practice is being followed at all times in all payment approval processes.
Vigilance is a highly effective way to migrate RISK!
- Reputational risk
- Cyber risk
- Regulatory risk
- Compliance and policy
- Competitive risk