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Universities and other large organizations process a high volume of diverse spending transactions — of which they’re often able to audit only a small percentage. Control over spending is limited because most infractions are caught long after POs have been issued, p-card payments made and travel/ expense vouchers reimbursed.
While it’s important not to burden staff, this lack of oversight coverage is costly, since it allows overpayments and unnecessary payments. It also exposes the organization to multiple types of risk, including federal funding and grant noncompliance, security breaches and reputational damage.
Today, organizations can minimize improper spending and risk exposure by exercising full oversight. FICO® Falcon® Assurance Navigator works with existing operational systems to continuously monitor 100% of transactions in real time. It stops errors and abuse on the spot while calling attention to unusual, potentially risky spending activity.