Supplier Onboarding and Digital Identity for State Street Procurement Operations

State Street Corporation has partnered with Worcester Polytechnic Institute (WPI) to analyze procurement operations and develop a model for the use of machine learning algorithms to evaluate supplier risk profiles. The team is tasked with developing a single platform that will centralize the existing disparate network of legacy systems across business units, as well as exploring nuances of manual data processing activities and machine learning techniques to automate these and other workflows. Vendor payment transactions result in large time and labor expenditures for State Street, thus knowing which transactions are more likely to result in rejections or high risk exposure will be useful. In this report we propose a methodology to validate and authenticate supplier identity based on an educated hypothesis surrounding datasets pertaining to spend and suppliers available from State Street.