A vulnerability is defined as a condition of being susceptible to harm or injury, such as a system weakness prone to potential fraud, waste, or abuse. Vulnerability identification generally originates through the analysis and oversight of data and information and the evaluation of internal controls, operations, processes, programs, and systems. Identifying vulnerabilities is one way to proactively prevent fraud, waste, and abuse and mitigate risk.
Although it’s not the primary focus, all firms need to play a major role in identifying vulnerabilities. Failing to place emphasize on it can lead to declining profitability, unwanted litigation, or an organization’s demise. In recent years, vulnerabilities have plagued the most prominent industries, such as the banking, healthcare, mortgage, insurance, retail, securities and investments industries.
In the current climate, regulators primarily identify vulnerabilities on behalf of industries then pursue the catalysts of each one. Regulatory actions can lead to costly audits, enforcement actions, criminal and civil litigations, fines and penalties, and adverse publicity. Embracing a proactive approach towards vulnerabilities in lieu of a passive one can help an organization minimize disruptions, such as increased regulatory oversight, to its operations.
Aridell is an industry leader in vulnerability identification and mitigation. Experts possess experience in identifying areas prone to exploitation and deploying risk mitigation strategies to curb financial and non-financial harm. Our professional experience includes the two industries most affected by vulnerabilities—healthcare and insurance.
Aridell can aid organizations in the development of approaches to identify vulnerabilities, detection of vulnerabilities, mitigation of vulnerabilities, and assessment of the monetary and non-monetary effects of vulnerabilities. In the healthcare insurance industry, experts have played a major role in identifying vulnerabilities in federal healthcare programs through data analysis and mining and specifically identified vulnerabilities in benefit design, claims processing, provider credentialing/recredentialing, licensing, eligibility and enrollment, prescription drugs, provider enrollment and networks, regulatory requirements, and healthcare settings.
Aridell’s capabilities include:
Establishing and Implementing Protocols for Vulnerability Identification
Vulnerability Mitigation Strategies
Financial and Non-Financial Impact Attributed to Vulnerabilities
Regulatory Report Preparation
Self-Disclosure/Reporting Client Support
Aridell Associates, LLC