Procurement Fraud Prevention
Organisations needs to prevent fraud, which must remain the primary focus of fraud risk management, an organisation must endeavour to eliminate the opportunities and strive to counter all factors which may contribute to a fraud friendly environment and thereby the various forms of rationalisation. The easier of these two is to reduce the opportunity to commit and to conceal fraud by improving the organisation’s internal controls.
Fraud in Procurement is very detrimental to the organisation. Mishaps often radiate and spin out of control and are only identified long after they originated with far more progressive consequences than initially anticipated. Organisations need to learn more about how to Identify, analyse, manage and prevent and investigate fraud. Fraud in procurement will destroy the investment and shareholder stake, therefore it become imperative to protect the organisations bottom line and saving shareholder interests, staff valuable contribution and saving the entity from collapsing.
Fraud Prevention in Procurement is indeed crucial for Captains in the public sector, the public at large and industry experts. Several important new questions and implications arise for the procurement fraternity that will drive organisations under the bridge, or into liquidation due to poor purchasing strategies which allows fraud perpetuators to go undetected.
Fraud prevention strategies enable management to implement transparent, competitive, robust and cost effective procurement system that allows organizational sustainability.
Procurement experts, Purchasing Managers, Buyers, Logistics Managers, Supply Chain Professionals, Risk Managers, Internal and External Auditors, Executive Management, Accounting and Finance Staff, Public Office Holders
After the completion of this training, the participants will be able to:
- Defining and understanding Fraud Prevention in the broad business context.
- The different general approaches to Fraud Prevention.
- The primary sources of Fraud.
- How to prevent fraud from turning into mishaps and investigate it.
- The 'real' sources of fraud in procurement & supply.
- A Fraud Prevention management process for procurement and supply.
- Types of fraud responses.
- Key Fraud containment elements for the sourcing process.
- Key Fraud containment elements for the supplier management process.
- A list of typical Fraud in procurement and supply.
- Practical tools and templates to use in Fraud Prevention management.