RISK DOMAIN
Know Your Vendor (KYV)
With fraud on the rise, Know Your Vendor (KYV) refers to the practice of reviewing the identity and legal status of suppliers to ensure they are a legitimate business. A supplier that looks good on paper can sometimes obscure who they are, with whom they associate, and if the business is as it is claimed to be. By leveraging Venmonitor™, you can quickly get insights into fraud risk intelligence indicators that can be used to determine if you sign with a new supplier or do more thorough due diligence for existing suppliers.
Screen potential suppliers pre-contract to see if there are signals of fraud.
In a world where millions of news articles are published daily in different languages and official and unofficial news sources, it can take just a single one to cause financial or reputational damage (for example, a cyber breach, fraud, regulatory violations, or other concerns). Screening suppliers pre-contract can help you to avoid fraudulent suppliers who may try to scam your organization or provide substandard goods or services.
Prioritize due diligence activities on suppliers with high-risk fraud signals.
Venmonitor™ gives you access to a wide range of AI-powered predictive analytics that classify, rank, score, and extract meaningful insights from unstructured data sources.
Actively monitor existing suppliers' fraud risks.
Monitor your existing suppliers regularly and update your risk assessment and management accordingly. Detect and respond to any changes or issues that may affect your supplier's risk level or your business relationship.
Venmonitor™ harnesses the industry's best risk intelligence data across more than six different domains so you're able to leverage risk profiles to quickly screen your suppliers.
- Data is sourced from the industry's most reputable fraud risk intelligence providers
- The most important key data points across many domains are in one single view
- Access intelligence that typically requires individual licensing subscriptions
- Have the ability to purchase full subscriptions to other providers directly through Venminder when deeper dives are warranted