FISCAL Technologies, the leading provider of supplier risk intelligence solutions, has today announced the launch of two new modules to complement its Procure-to-Pay (P2P) risk management platform.
The enhanced offerings to FISCAL’s NXG Forensics solution consists of two distinct modules, addressing increasing legislation and compliance requirements, and the increased complexity and nature of supplier-related fraud.
Businesses risk fines of £1m
Dealing with a sanctioned supplier risks violating the Sanctions and Anti-Money Laundering Act 2018, and businesses risk a monetary penalty of up to £1m, under powers granted to the Office of Financial Sanctions Implementation (OFSI). Most businesses check at the point of onboarding a supplier, but new suppliers are being added to the list regularly, and businesses risk hefty financial penalties, fraud or reputational harm if they fail to act quickly or regularly check against the sanctions lists. The sanction-checking module, part of the NXG Forensics solution, brings class-leading continuous analysis of a full master supplier file against a full global sanctions database. At-a-glance visibility of the entire risk within the supplier base allows immediate notification and addressing of potential issues.
Collusion fraud is increasing, and 60% of businesses* believe that the move to remote and hybrid working has increased the potential for supplier and employee abuse. Despite this only 31%* have introduced fraud-specific checks into their P2P process. The employee-checking module, part of the NXG Forensics solution, delivers enhanced checks at the point of new supplier or employee creation, designed to identify commonality amongst current or ex-employees and supplier data, producing an immediate risk notification and continually checking to account for changes in supplier or employee profile.
David Griffiths, CEO at FISCAL Technologies, said “Since 2003 we have been protecting organisational spend with market-leading software designed to identify and protect businesses from Procure-to-Pay risks. We created Supplier Risk Intelligence to build upon this, to fully protect Procure-to-Pay, Accounts Payable, Shared Services and Procurement teams from P2P risks.
We are pleased to enhance our offering with the launch of our Sanction and Employee-checking modules for our NXG Software, providing a continual analysis of every supplier and every invoice for multiple risk types, both internal and external, will deliver greater positive impact to our customers.”
FISCAL’s NXG Forensics core software offering delivers transparency and accountability into AP performance and sources misplaced cash, which, given the current situation is more important than ever. Users have the ability to save money and operate more effectively through the identification of a range of risks, and typically see a 60% reduction in the value of supplier related risks over the first three years of use.
With over 18 years of experience and hundreds of public sector and corporate customers, FISCAL’s solution has been designed for large corporate businesses and public sector organisations. Contact us for a demonstration and a personalised estimate of the savings you can make. For more information on our sanctions and employee functionality, contact our sales team or visit https://fiscaltec.com/product/nxg-forensics-risk-management-solution/
About FISCAL Technologies
FISCAL Technologies is the leading provider of supplier risk intelligence solutions that empower progressive finance teams across the globe to protect organisational spend.
Our award-winning software and services use forensics and AI to provide a unique view of supplier risk. We continuously protect working capital and increase profitability, while defending against reputational and financial risks and maintaining regulatory compliance.
Since 2003, FISCAL has processed over 1 billion transactions with a value of over £5 trillion in spend and is relied on by leading private and public sector organisations.
*Purchase to Pay Network 2021 Survey responses