Risk Ratings are applied to different types of data — including transactions, statement line items, parts, and repair orders (ROs) — and help you quickly spot what needs your attention. Each item is automatically scored and labeled as High, Medium, or Low risk (sometimes Pending) based on several factors unique to its data type.
Spot-Checking High Risk data may be more beneficial to operations who are severely restricted by labor resources and time availible for proper AP.
🟢🟡🔴 Risk Categories
|
Risk Level |
Description |
|
🟢 Low |
No immediate concerns detected. |
|
🟡 Medium |
Some factors indicate possible review needed. |
|
🔴 High |
Significant risk — should be investigated promptly. |
|
⚪ Pending |
Risk Rating not yet calculated or awaiting data. |
Transactions
Risk Ratings for transactions evaluate how likely a purchase might be unapproved, incorrect, or fraudulent.
Key factors include:
- Vendor type — Higher-risk vendors (e.g., restaurants or retail stores) are less typical for automotive expenses compared to core vendors (e.g., parts or towing).
- Transaction amount — Larger amounts carry greater financial impact and thus higher risk.
- Missing proof of purchase — Lack of documentation raises the risk level, especially as the transaction ages (max risk at 35 days).
- Payment method — Checks are considered higher risk due to being harder to trace.
- Missing data — Missing vendor or location info slightly increases risk due to lower transparency.
Example of a Custom Report created to view "High Risk" Transactions
Statement Line Items
For statement line items, WickedFile applies similar logic as transactions but focuses more on timing and completeness:
- Age of the charge — Older, unresolved charges increase risk.
- Amount — Higher-dollar charges raise the score.
- Missing invoice — A large, old charge with no uploaded invoice will be flagged as high risk.
Repair Orders (ROs)
Risk Ratings for ROs help identify potential profit leaks or accounting issues.
Risk is elevated when:
- Overall RO margin, part margin, or labor margin is low or negative.
- Parts associated with an RO (where the PO number equals the RO number) appear unbilled, incorrectly billed, or credited.
- Credit memos are uploaded but not reconciled correctly.