Brillio’s Solution:

Brillio implemented an AI powered – Real Time Vendor Transaction Anomaly Detection solution that is able to identify potential fraudulent vendor transactions and profiles in near real-time, thereby enabling rapid intervention. This solution also quantified risks associated with adding new vendors, which tend to bring more risk exposure.

The four pillars that form the crux of this AI Solution are as follows: –

1. Audit Execution

• Build Clustering models to identify potential anomalous transaction clusters.
• Apply statistical techniques to these identified clusters to derive key indicators of fraud.
• Leverage these key fraud indicators to produce the final fraud risk score.

2. Continuous Tracking

• Continuous vendor tracking to provide early warning signals about new vendor activities.

3. Onboarding

• Assign a risk score to new vendors based on statistical similarity with existing ones.

4. Automated Model Refresh and Maintenance

• Periodical refresh of the Machine Learning (ML) models with human-feedback loops.