Ronald Forsythe, Jr., Qlarant CEO and Brian Cleary,Qlarant VP of ITWhich is more conducive to manage health risks: a health plan that takes effect only when an illness or disorder sets in, or one that monitors health year round? Apply the same principle to data analytics that identifies risks in a corporation. Traditionally, organizations use risk management solutions that notify management of visible fraud, waste, and abuse of resources during periodic audits. With these audit-based results, it is usually too late to identify vulnerabilities in a system, and the losses incurred can be exorbitant. Monitor and identify risks before they happen year round, and your bottom line can improve dramatically. That’s the principle behind Qlarant and its product RIViR™.
Qlarant, headquartered in Easton, MD, is an information services solution provider that brings together the vigilant eyes of auditors, the prowess of investigators, and the knowledge of subject matter experts to help organizations monitor, review, and nip risks in the bud.
“Often, data analytics dashboards are not monitored by management teams and so they do not receive early warnings of possible anomalies, which may turn catastrophic in the long run,” explains Ronald Forsythe, Jr., CEO of Qlarant. Bringing an end to the impediment and its effect, Qlarant created RIViR, a solution that helps review the day-to-day work of employees and uses data insights to improve the key performance indicators (KPI). RIViR—an acronym for Risk Identification, Visualization, and Resolution—helps transform recorded data into information, in turn producing tangible results for clients. In addition, the solution also helps visualize the data and suggest a resolution for any visible risks.
At the onset of a client engagement, team Qlarant works with the client’s internal audit team to identify the KPIs that are specific to their industry and business module. To ensure continuous monitoring, RIViR is embedded with an algorithm trademarked as Nerdy Algorithm, which stores the steps taken to correct issues. The recorded solution is suggested to key stakeholders when a glitch is identified and its level of threat reported.
Sandy Love, President Qlarant Integrity SolutionsTeaming up with SMEs and data analysts, Nerdy Algorithms help clients make better use of existing toolsets to visualize and resolve risks. In addition to the risk management factor, Qlarant also provides organizations with consultative services to help them understand the resources available in-house to deploy a risk management solution, and the viability of the solution— practically and financially.
People plus technology is a primary success factor for Qlarant. In fact, the company has received the national recognition of being selected as a winner in the Best and Brightest Companies to work for in the Nation. The Best and Brightest Companies to Work For® annual competition strives to recognize the most influential, trend-setting companies across the country by reviewing answers to questions about communication, work-life balance, employee education, and diversity. It identifies and honors companies that deliver exceptional human resource practice and an impressive commitment to its employees. “We are thrilled to receive this national recognition,” says Bob Foley, SVP of State Contracts “Winning this award is a strong testament to the commitment to our culture.”
With a keen focus on financial fraud, waste, and abuse, Qlarant, a not-for-profit organization, has roots going back over four decades as the U.S.’ first quality review organization for Centers for Medicare and Medicaid. Over the years, it moved into data analytics and business intelligence, helping small, mid-sized, and large organizations to stay compliant with quality review and regulatory requirements. In parallel, Qlarant also helps with contract management for state, local, and federal procurement officers with quality audits, monitoring of services, and streamlining workflow. With a number of accolades up its sleeve, Qlarant aims to continue its momentum forward with products such as RIViR. With 9 offices nationwide and over 500 employees, Qlarant is definitely on a fast track. In conclusion, Brian Cleary, VP of IT notes, “The strongest aspect of Qlarant is our willingness to take risks and invest extensively in internal resources.”