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Qredible® vs. Cannabis Risk Analyst: Can Software Replace an In-House Risk Management Specialist?

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The legalized cannabis, hemp, and CBD industries are considered high-risk for a reason. There are so many things merchant processors and business owners need to consider, and the penalties for even minor errors can be catastrophic. 

Imagine if it were possible to have a senior cannabis risk analyst on staff, working 24/7, monitoring consistently for any potential risk — to your own organization and that of each company you do business with.

The effect would be transformative: suddenly, you wouldn’t have to operate in the dark.

We talk a lot about how Qredible® can improve efficiency while reducing costs in your CBD, cannabis, or hemp business. But in today’s article, we’ll show you exactly how we do it.

Keep reading to explore the differences and similarities between Qredible’s software and a Senior Risk Analyst and Risk Management Specialist in the CBD, cannabis, and hemp industries.

Job Responsibilities

To start, what is a senior risk analyst? And what is Qredible? Let’s compare the job responsibilities and capabilities of each.

What is a Senior Risk Analyst?

A cannabis risk analyst is a trained and experienced professional whose counsel and services ensure a company remains compliant with regulations. In doing so, they help the company avoid liabilities and operate safely.

Since the CBD, cannabis, hemp, and neutraceutical industries are considered high-risk, risk analysts are in-demand. Merchant processors have them on staff to vet prospective clients and monitor existing clients. Large, multi-state CBD and cannabis businesses can also have risk management specialists on staff, and smaller and mid-size businesses might choose to hire outsourced analysts to support them during the onboarding process and annual review periods.

Here are some things a CBD risk analyst does:

  • Client assessments: CBD and cannabis risk analysts at financial institutions will assess clients who apply for financial services such as loans or card processing. This includes evaluating credit scores, job history, and other data; working directly with credit bureaus and clients to retrieve missing data; researching industry and market trends; and compiling recommendations.
  • Monitoring: cannabis risk analysts must stay up-to-date on the latest regulations and industry trends. They alert to company of any potential threats, risks, or opportunities, and use their knowledge to formulate policies, suggest safeguards, and make decisions.
  • Forecasting: Primarily, this includes analyzing current and historical data to predict the outcome of a decision. It also includes compiling findings in a report or presenting them to stakeholders.

What is Qredible?

Qredible is the industry’s only digital registry of validated and verified businesses and brands in the CBD, cannabis, and hemp industries. But we do so much more than just that.

Qredible’s groundbreaking technology and an industry-disrupting suite of tools support compliance monitoring, marketing, card processing, COA management, and more.

Basically, a risk analyst in the form of accessible, easy-to-use, and affordable software.

We analyzed actual job postings for senior risk management specialists in the cannabis, CBD, hemp, and neutraceutical industries. And we noticed more than a bit of overlap.

Here are some of Qredible’s functionalities — taken directly from the real job descriptions of cannabis and CBD risk analysts in our industry:

  • Landscape analysis: understanding the company’s rules for merchants, customers, and businesses; navigating the regulatory environment; and staying up-to-date with relevant regulations and expectations for those in high-risk industries.
  • Client, customer, and business partner review: streamlining the onboarding and auditing process by vetting for illegal, non-compliant, or high-risk behavior and language. Checking shipping policies, refund policies, and privacy compliance as well as all other policies on the company websites. 
  • Auditing: while analysts will complete monthly or weekly audits to ensure compliance from merchants, Qredible monitors 24/7. Qredible notifies you of any new, unapproved, or non-supported product additions as well as any suspicious activity.
  • Brand reputation review: checking USDA and FDA databases for warning letters. Confirming third-party lab accreditation, and ensuring marketing messaging is not directed at minors.
  • Organizing and storing data: for streamlined annual review and convenient on-demand reference within a centralized dashboard.
  • Maintaining portfolio: managing a list of merchants, investors, business partners, and other companies.
  • Completing annual reviews: Qredible monitors all companies on your list 24/7 and makes the annual review process simple and effective by providing instant access to all the updated, validated, and verified information you need.
  • Additional support: collaborating with sponsor banks on supported and non-supported products; confirming compliance with one-time-purchase laws for customers; making a list of lab accreditations; completing EDD reviews of websites, customer reviews, and social media profiles; and completing AML and EDD reviews for high-risk merchants.
  • Research: conducting investigations of individuals, events, and entities through public records, vendor systems, open-source media, and other outlets.  
  • Decision making: analyzing company policies and potential risks with AI and machine learning to formulate recommendations. Ultimately, Qredible will prevent you from unknowingly working with businesses that demonstrate noncompliance with federal and state laws, or that go against legal counsel.

When examining the job description for senior risk analysts, the only tasks Qredible can’t complete are those that require an in-person presence or interview. For example, retail storefront reviews and interviews with merchants or clients.

Plus, Qredible has plenty of other benefits and functionalities that don’t pertain to risk analysis.

Cost

Now, let’s compare pricing for each option. 

The Cost of Hiring a Senior Cannabis and CBD Risk Analyst

The average salary for a risk analyst in the US is between $75,000 and $127,000 annually, with an average salary of $99,900. The job description we’re using today is for a senior risk analyst, which means we’re looking at the upper end of that scale. 

Some smaller businesses could opt to hire an outsourced legal professional. Hiring a risk analyst costs on average $53 hourly. This option isn’t realistic for merchant processors, as the amount of monitoring and auditing that needs to be completed on a consistent basis requires an on-staff professional or constant software monitoring.

The Cost of Qredible

The cost of Qredible varies depending on the size and nature of your business. It’s free to sign up and claim your profile — this will allow you to see what others are saying about you on the platform. But to access the real value, you’ll need to sign up for a pro subscription.

These subscriptions are low-cost, starting at less than $150 per month. For larger enterprises and merchant processors, costs vary. Set up a discovery call to learn more. 

Streamline Risk Analysis at Your Hemp, CBD, or Legalized Cannabis Business With Qredible

Qredible is the future of risk analysis in the CBD, cannabis, hemp, and neutraceutical industries. Even if you already have a risk analyst on staff, our software will make their job easier, freeing up their calendar for more important tasks. More time for strategic planning and proactive policy design can make a big difference in your operation’s ability to achieve its goals.

To learn more about how Qredible can support your business, contact us to get in touch with a representative.

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