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Anti-Fraud Controls | AP Recovery Audit Software

PURCHASE-TO-PAY (P2P) ANTI-FRAUD CONTROLS

According to the Association of Certified Fraud Examiners 2018 Report to the Nations, a typical organisation loses 5% of its annual revenue to fraud each year, with a lack of internal controls the most frequently-cited contributing factor - nearly half of all cases

Protecting the organisation from increasing levels of fraud is an additional role that purchase-to-pay (P2P) departments are now expected to perform, acting as a key line of defence in an overall anti-fraud strategy. The problem is, Accounts Payable (AP) and P2P teams do not have the time or the expertise needed to carry out extensive audits.

NXG Forensics® helps AP and P2P departments protect organisational spend by conducting multiple internationally-recognised fraud tests on transactions and master supplier file entries and producing a scored and ranked list of risks.

Now P2P teams have a comprehensive, evidence-based rundown of potential high-risk suppliers and transactions at their fingertips, with the information needed to investigate and determine the corrective action needed. 

The benefits of NXG Forensics:

  • Creates significant time efficiencies by running audit tests in the background
  • Early warning system flags up potential fraud
  • Increases internal controls and supports regulatory compliance
  • Highlights high-risk suppliers using a unique scoring system
  • Reduces future risks through root cause analysis and process improvement
  • Strengthens partnerships with Internal Audit with AP/P2P becoming part of the overall solution for fraud control

FISCAL TransactionsP2P TRANSACTIONAL RISK
Identify areas of risk and fraud within supplier spend and transactions

FISCAL Suppliers SUPPLIER RISK PROFILING
Discover supplier risk through continuous profiling

FISCAL FraudANTI-FRAUD CONTROLS
Automated testing to identify fraudulent transactions and suppliers

FISCAL ReportsREPORTING AND DASHBOARDS
Unlocking actionable insights to drive process improvement

Discover how we can make it simple

 

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