PROCURE-TO-PAY (P2P) ANTI-FRAUD CONTROLS
According to the Association of Certified Fraud Examiners 2018 Report to the Nations, a typical organization loses 5% of its annual revenue to fraud, with a lack of internal controls the most frequently-cited contributing factor - nearly half of all cases.
Protecting the organization from increasing levels of fraud is an additional role that procure-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 organizational spend by conducting multiple internationally-recognized fraud tests on transactions and master vendor file entries and producing a scored and ranked list of risks.
Now P2P teams have a comprehensive, evidence-based rundown of potential high-risk vendors 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 vendors using a unique scoring system
- Reduces future risks through root cause analysis and process improvement
- Strengthens partnership with Internal Audit with AP/P2P becoming part of the overall solution for fraud control by empowering AP to be part of the overall solution for fraud control