This is a quick post to outline the core capabilities of ProcAssure in less than 2 mins!
Risk Assurance = Protection
Firstly, ProcAssure provides Risk Assurance across your procurement processes. W hat does this mean? ProcAssure checks every transaction, person and entity in your procurement processes for over 120 known patterns of waste, error and fraud.
This means you can provide your employees, stakeholders and suppliers you are checking the integrity of your people, processes and suppliers continuously and acting on any issues you find.
Risk Assurance - How?
So how does ProcAssure do this, as you may have tried this before and found it pretty challenging? Quite simply ProcAssure is a big data bucket that ingests as much of your procurement data as you can provide, then it adds in additional sources (e.g. Companies House data in the UK) and then does some clever work.
Firstly it cleans, merges and matched the data. It then build networks that are known and hidden. Then it performs a "Risk Scan".
The Risk Scan runs over 120 tests across your data looking for errors, waste and known patterns of fraud (or patterns of behviuour that could lead to fraud). We use a combination of advanced analytics (which some may call AI) and forensic accounting techniques to raise flags.
ProcAssure raises the flags, and ten you verify and approve any action to me taken or notes recorded in case you want to wait for additional evidence or keep a record for use in the future.
Getting Started
You can get started by putting your data into XLS sheets and loading then onto the ProcAssure Cloud for immediate scanning. We provide pre-built templates with sample data to help.
This is fine for smaller organisations and organisations with a team who can get your data ready. However, many organisations have multiple ERP systems, complex data and - often - need to keep your data inside your firewalls.
This still should not be a big challenge. We have recruited partners to help and also have a team of implementation consultants who can work with your IT team to get up and running quickly. We have built adapters to the major ERP systems, so we can get you going quickly.
Spot-Checks to Continuous Protection
You can use ProcAssure to do a spot-check on your procurement processes and data, which can give you immediate peace of mind. However, ProcAssure can be configured to provide continuous protection with immediate risk flags being raised immediately, allowing to to take action (for example, stopping erroneous payments to suppliers).