Issue
A major energy company faced repeated vendor-related issues, including conflicts of interest, unqualified vendors, and previously disqualified vendors re-entering
the system under new names. A routine analytics review by CBIZ Risk & Advisory Services uncovered a $2M+ fraudulent scheme involving an employee-created fictitious vendor, revealing the absence of an effective vendor vetting process.
Solution
CBIZ implemented a comprehensive vendor vetting service, VendorWISE, integrated directly into the client’s AP process. Using analytics, ownership verification, criminal and legal checks, social media risk scans, and a scoring algorithm, CBIZ evaluated every new vendor request within 24–48 hours. This expert-review model identified red flags automation alone would miss and equipped the client to make informed, risk-based vendor decisions. The CBIZ VendorWISE service has since scaled to thousands of reviews annually across multiple business units.
Outcome
The client now rejects 10–13% of proposed vendors due to identified risks, preventing fraud, reducing financial and operational exposure, and mitigating reputational and safety risks. The process has become a trusted, repeatable safeguard, helping the organization avoid costly project disruptions and
improve vendor quality
| Company Information | |
|---|---|
| Industry | Energy |
| Entity Type | Large publicly traded company |
| Ownership Structure | Not disclosed |
| Geographic Footprint | National |
| Annual Revenue | $50B+ |
| Number of Employees | 10K+ |
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