Tag Archives: Fraud

Risk & Compliance Procure-to-Pay, 3 Ways Analytics Reduces Risks and Costs

procure-to-pay
Apr032019

There have been numerous articles throughout the year about government organizations and universities lacking the staff and tools to review 100% of their transactions. Most of the issues with procure-to-pay compliance arise because many staff reviewing transactions are more focused on completing their review than on the quality of the review. This can result in improper transactions slipping through, which has the potential to expose the organization to risk, bad audit findings and reputational damage. It is becoming clear that legacy systems and staffing simply aren’t sufficient. Analytics is critical to help monitor procure-to-pay transactions because it is fast, unbiased and can find hidden issues within the data. This article from the State of West Virginia is a perfect example: “More than 17% of Purchase Card transactions lacked sufficient documentation”.  Not all of these transactions were improper, but the lack of documentation when spread across 126,000 annual P-Card transactions in West... [Read More]

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