It was a pleasure to host a SAS Sydney Finance Leaders Lunch discussing….
Weak controls, improper payments, and supplier governance concerns lurk throughout the procurement life cycle and are difficult to find. On average, these vulnerabilities are detected more than a year after having been initiated – if they are identified at all. It is important to be able to detect irregularities as quickly as possible. Manual audits typically rely on auditor skills and focus to detect concerning behavior from a vast array of information – but this often happens at snapshots in time in subsets of the business, so it doesn’t provide continuous monitoring for timely detection and possible prevention.
We discussed:
- How to identify and combine information from different systems, agencies, and third-party data sources to resolve entities and augment knowledge about suppliers, people, and products.
- How to employ a combination of analytical techniques to determine or predict the overall risk posed by each payment, invoice, supplier, or purchase order.
- How continuous monitoring approaches identify process, controls, governance, and system gaps· How to improve audits and investigations by integrating data with other types of intelligence to manage review processes that reflect your organisations objectives.
