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Anti-Fraud Controls | AP Recovery Audit Software

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

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

FISCAL Suppliers  VENDOR RISK PROFILING
Discover vendor 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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