FOR DETECTING PROCUREMENT
FRAUD, WASTE & ERROR
Procurement fraud is the Number #2 economic crime for organisations around the globe.
Most organisations take the view that they are not at risk, however business surveys such as PwC* annual crime and fraud survey show procurement fraud is commonplace.
All organisations, regardless of size, procure products and services. Every business, regardless of size or industry is at risk as people are involved. Motives include personal gain as well as organised crime.
*PwC Global Economic Crime and Fraud Survey
#2 GLOBAL ECONOMIC CRIME
The procurement supply chain is complex. It can involve many people, multiple IT systems and processes, some of which remain manual.
This complexity, added with time pressures to keep your organisation moving, increases opportunities for not only fraud and abuse, but also for human and technological error (e.g. over-paying) and waste (e.g. ordering off contract).
THE IMPACT IS HIGH
AND LONG LASTING
Along with the obvious financial impacts, fraud can weaken your business through human capital loss and through damage to your reputation and brand.
And the hard fact is, procurement fraud is usually committed with inside help. The inside help has typically worked for your organisation for years and is well known.
Early detection minimises damage and minimises the impact.
WHAT DOES IT DO?
ProcAssure gives you assurance in your procurement supply chain integrity.
ProcAssure uses Advanced Analytics and years of experience to detect known patterns of risk which could lead to fraud, error and waste.
ProcAssure ingests your procurement data from your Finance, ERP and/or Procurement systems to look for the smallest signals that could mean risk to your organisation.
ProcAssure uses Advanced Analytical techniques and detailed forensic accounting experience to provide you with on-going protection.
ProcAssure has over 120 known risk patterns that are applied to your data immediately.
ProcAssure provides a simple user interface to allow you to quickly review and take action as needed.
ProcAssure is developed on globally proven technology that can start small and grow with your organisation. ProcAssure lives on the Cloud (in your geographic region) but can also be deployed on your infrastructure.
ProcAssure is constantly being improved as new patterns of fraud emerge. ProcAssure users can also submit their own known risks to benefit the ProcAssure community.
ProcAssure gives a complete view of all your procurement data, removing silos to reduce risk and gaps in processes across systems.
ProcAssure can ingest data from all major ERPs such as SAP, Oracle, Microsoft, Netsuite. ProcAssure has Open APIs, ingest XLS and data files, and can integrate directly to your ERPs to provide continuous protection.
ProcAssure tests for over 120 (and growing) known patterns of suspicious activity where your organisation is a risk to fraud, error and waste - we call these "Risk Tiggers".
We are constantly expanding the libary of Risk Triggers - if you have a risk we don't check for we will add it as part of the service.
ACT ON TIP-OFFS
You may have a suspicion or a tip-off that something unusual is happening.
ProcAssure allows you to quickly search to employees, vendors and procurement documents / transactions so you can investigate. Record your findings and register warning flags as needed.
EASY TO ADOPT
ProcAssure provides you with a range of reports and charts to quickly assess your current and historical risks.
ProcAssure profiles your suppliers and employees to quickly assess areas or patterns of risk.
ProcAssure runs in the Cloud or in your Data Centre. We use the biggest global cloud providers on the planet leveraging their security and data sovereignty.
ProcAssure is based on industry-leading technology providing security and performance.
Data centres: US, Canada, Swizterland, Germany, UK, Brazil, India, South Korea, Australia, Japan -and Government approved clouds.
ProcAssure scans every piece of data in your procure to pay process, going further than traditional audits and tests to look at patterns of irregular behaviour over days, weeks, months and years.
All the tests results are recorded, allowing auditors to quickly gain information they need to speed risk audits.
HOW MUCH IS AT RISK?
Analysts and research (e.g. UK Government Analysis) estimates losses in the region of 2-6% of overall procurement spend is at risk. This varies by both industry and geographic location but does not go away.
ProcAssure provides a complete risk scan of all your procurement data - suppliers, employees, transactions, payments etc. It closes gaps between systems and spots breakdown in processes and controls.
This reduces your risk across the spectrum of errors, waste, abuse and fraud.
IMPROVE CASH FLOW
ProcAssure can spot errors quickly such as double payment or over-payment, allowing you to take action quickly and improve your cash-flow.
ProcAssure can provide continuous protection, detecting issues in the same timeframe they occur.
ProcAssure improves your internal and external audits by providing comprehensive data on all the risks that have been tested, which data has been used and the actions that have been taken.
This can demonstrate to auditors how you not only protect and test but also improve your processes and protection over time.