Don't let a lack of preparation lead to lost profits.
At KART & Company, we believe any size business can dramatically reduce losses and increase net profits with minimal investment. KART offers fractional solutions that leverage our team of experts and proprietary technology to manage corporate risk. Through increased efficiency, KART allows you to retain the costs otherwise lost to inadequate oversight impacting every industry today. Take control of your bottom line and safeguard your business against easily avoidable losses.
CASE STUDIES
Take control of your bottom line and safeguard your business against easily avoidable losses. See what some of our clients experienced prior to implementing KART solutions.
CONSTRUCTION COMPANY (Annual Revenue: $54M, Employees: 45)
Prevent Conflicts and Fraud
The lack of controls to determine potential conflicts between the Company and a perspective vendor allowed a Project Manager to hire an immediate family member. Padded invoices over a six-month period resulted in an $800,000 loss to the Company. KART investigators were able to identify and document all fraudulent transactions, resulting in a full $800,000 recovery for the Company.
The lack of controls to determine potential conflicts between the Company and a perspective vendor allowed a Project Manager to hire an immediate family member. Padded invoices over a six-month period resulted in an $800,000 loss to the Company. KART investigators were able to identify and document all fraudulent transactions, resulting in a full $800,000 recovery for the Company.
UPSTREAM ENERGY COMPANY (Annual Revenue: $850M, Employees: 325)
Ensure Compliance
In response to a catastrophic loss, the Company realized they should have required the vendor to carry higher insurance limits based on the services the vendor was performing at the time of the incident. The insufficient coverage forced the Company's policies to cover a $15 million shortfall. This resulted in a permanent $1 million annual insurance premium increase and a damaged loss history. KART's certified insurance professionals helped the company categorize its vendors into risk tiers, standardize their service agreements, roll out new vendor contracts, collect and verify insurance, and implement a vendor management solution to safeguard the company from future losses.
In response to a catastrophic loss, the Company realized they should have required the vendor to carry higher insurance limits based on the services the vendor was performing at the time of the incident. The insufficient coverage forced the Company's policies to cover a $15 million shortfall. This resulted in a permanent $1 million annual insurance premium increase and a damaged loss history. KART's certified insurance professionals helped the company categorize its vendors into risk tiers, standardize their service agreements, roll out new vendor contracts, collect and verify insurance, and implement a vendor management solution to safeguard the company from future losses.
LAND DEVELOPMENT GROUP (Annual Revenue $15M, Employees: 35)
Manage Contracts
Failure to properly monitor the cancellation deadline for a software subscription that was no longer in use, resulting in a three-year renewal costing the company $600,000. KART helped the Company audit all of its existing contracts for other potential waste and implemented a system to track and alert them of any other impending contract deadlines.
Failure to properly monitor the cancellation deadline for a software subscription that was no longer in use, resulting in a three-year renewal costing the company $600,000. KART helped the Company audit all of its existing contracts for other potential waste and implemented a system to track and alert them of any other impending contract deadlines.
FINANCIAL SERVICES PROVIDER (Annual Revenue: $4.5M, Employees: 30)
Prevent Fraud
Adding vendors to a Company’s AP system simply because an invoice was received allowed someone posing as a legitimate business to defraud the Company out of $35,000 in a single transaction. KART implemented controls that validated the legitimacy of any vendor attempting to invoice the Company and prevented any future invoice payments without the vendor being validated beforehand.
Adding vendors to a Company’s AP system simply because an invoice was received allowed someone posing as a legitimate business to defraud the Company out of $35,000 in a single transaction. KART implemented controls that validated the legitimacy of any vendor attempting to invoice the Company and prevented any future invoice payments without the vendor being validated beforehand.
UPSTREAM ENERGY COMPANY (Annual Revenue: $1.85B, Employees: 675)
Collect and Audit Pricing
The inability to simply collect and record pricing for work being performed limited the Company from recovering all losses associated with over billing. Despite the lack of records, KART's fraud investigators were still able to recover 40% of the $20 million total calculated loss over a 6-year period. KART helped establish a vendor management program requiring the initial collection of pricing, in turn eliminating the ability for vendors to alter pricing without Company approval.
The inability to simply collect and record pricing for work being performed limited the Company from recovering all losses associated with over billing. Despite the lack of records, KART's fraud investigators were still able to recover 40% of the $20 million total calculated loss over a 6-year period. KART helped establish a vendor management program requiring the initial collection of pricing, in turn eliminating the ability for vendors to alter pricing without Company approval.
LAW FIRM (Annual Revenue: $6M, Employees: 10)
Prevent Fraud
The firm’s head of administration was responsible for the establishment and payment of all vendors. This led to the ability of the employee to add an illegitimate vendor to the AP system and fraudulently invoice the Company for $1.1 million over a period of 5 years. KART’s vendor management program allows for the validation of any new vendor and periodically audits for potential connections between employees with payment authority and all company-approved vendors.
The firm’s head of administration was responsible for the establishment and payment of all vendors. This led to the ability of the employee to add an illegitimate vendor to the AP system and fraudulently invoice the Company for $1.1 million over a period of 5 years. KART’s vendor management program allows for the validation of any new vendor and periodically audits for potential connections between employees with payment authority and all company-approved vendors.
UPSTREAM ENERGY COMPANY (Annual Revenue: $1.2B, Employees: 500)
Deter Waste
Following several years of paying exorbitant insurance premiums and brokerage fees the Company decided to solicit Requests for Proposals (RFP) to select a new broker in anticipation of their next renewals. KART facilitated the entire effort on behalf of the company and achieved $600,000 in combined savings for the following year.
Following several years of paying exorbitant insurance premiums and brokerage fees the Company decided to solicit Requests for Proposals (RFP) to select a new broker in anticipation of their next renewals. KART facilitated the entire effort on behalf of the company and achieved $600,000 in combined savings for the following year.
VenLink is a vendor management software solution that helps organizations mitigate corporate risks by connecting key
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The platform can be utilized to streamline vendor onboarding, conduct due diligence analysis, automate contract management,
and verify insurance requirements. Save time, money, and reduce third-party risk by leveraging VenLink!
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what our
clients say
Matt Gallagher
“KART's engaged, curious, and enthusiastic team, paired with their expert process helped level up our vendor onboarding and insurance maintenance programs. This laid a solid foundation for our operating team's rapid growth and execution.”
Matthew Hendrix
“KART & Co. has provided expert and timely services to Freedom Solar Power - namely in the areas of vendor onboarding and management and insurance consulting. Their team's support has allowed us to lean into our strengths as we scale our growing business.”
Matt Hutchison
“We were struggling to quickly and effectively onboard the company's vendors. KART’s experienced team got us organized and helped us sort out our vendor compliance.”