Fraud is growing by a staggering 20% per year, according to the respected international fraud investigation firm, Kroll. The majority of all fraud, according to the Association of Certified Fraud Examiners is committed by employees.
For many organizations, procure-to-pay cycle offers extensive opportunity for increased operational efficiency. However, it also provides potentially numerous opportunities for fraudsters to exploit control deficiencies in all three stages-purchasing, receiving and disbursements.
One common management mistake in the P2P cycle is adhering to a reactive anti-fraud posture. A criminal act committed in, for example, the purchasing department through a kickback scheme, may be detected and dealt with on an “emergency” basis. Meanwhile, equally, if not more costly frauds may be going unnoticed in the receiving and account payable areas.
This underscores the urgent need for management to understand the vast variety of frauds in P2P and to apply the necessary detection, audit, reporting and prevention measures.
Objectives of the Presentation:
By attending this webinar Participants will be able to:
- Understand how the most common procurement, receiving and disbursement fraud are perpetrated, including the latest technology-driven crimes that are costing organizations millions of dollars
- Understand why purchasing, receiving and accounts payable employees commit fraud
- Recognize the all-important red flags of common P2P frauds
- Develop a knowledge base of P2P fraud detection tools and techniques
- Begin creating a framework of effective anti-fraud controls