Assessing Risk Associated with a Vendor
OwnerWilliam Jay Cherry, Cheryl Patton +2inventors
InventorsWilliam Jay Cherry, Cheryl Patton, John Nokes, Darren Keith Brittain
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Abstract
There is disclosed a method and apparatus for assessing risk associated with a vendor. The method includes receiving vendor information from a vendor, the vendor information including uniquely identifying data, acquiring a first data set associated with the vendor from a third party and acquiring a second data set including a history of transactions with the vendor. The method further includes aggregating the vendor information, the first data set and the second data set into a vendor collective data set and identifying a risk factor using the vendor collective data set.
Claims19
A method for assessing risk associated with a vendor comprising:
- receiving vendor information from a vendor, the vendor information including uniquely identifying data;
- acquiring a first data set associated with the vendor from a third party using the uniquely identifying data;
- acquiring a second data set associated with the vendor, the second data set including a history of transactions with the vendor;
- aggregating the vendor information, the first data set and the second data set into a vendor collective data set;
- and
- identifying a risk factor using the vendor collective data set.
Apparatus comprising a storage medium storing a program having instructions which when executed by a processor will cause the processor to:
- receive vendor information from a vendor, the vendor information including uniquely identifying data;
- acquire a first data set associated with the vendor from a third party using the uniquely identifying data;
- acquire a second data set associated with the vendor, the second data set including payment history for the vendor;
- aggregate the vendor information, the first data set and the second data set into a vendor collective data set;
- and
- identify a risk factor using the vendor collective data set.
Dependencies are inferred from the claim text.