Procurement

Ensure the risk of procurement fraud is acknowledged on your company risk register, and there is a risk owner who has overall responsibility in the organization. Ensure all staff who are able to make or are involved in financial decisions are trained how to identify procurement fraud. Don’t dismiss minor red flags indicating possible fraud…

Procurement fraud can wipe out much of a company’s profits and damage a nation’s ability to invest. The quality of procurement can make the difference between success and failure whether of private sector companies or of national economies. There is insufficient understanding of the benefits that a high performance procurement organization can bring, a lack…