In 2018 49% of respondents to PwC’s Global Economic Crime and Fraud Survey said their companies had been victims of fraud or economic crime, up from 36% in 2016. 52% of economic crime is reported to be committed by internal actors (from 46% in 2016) and asset Misappropriation and specifically Procurement Fraud are amongst the most common fraud types.

It is a tough fact that that no organization is immune to fraud and corruption, particularly in its procurement cycles. The reputational and financial consequences are often disastrous. Today the vast majority of organizations employ traditional procurement fraud approaches that tend to be reactive, discovering fraud only after the damage has been done. The complexity of the procurement process creates the potential for fraud throughout the lifecycle. The involvement of many people across multiple business units, and the sheer number of transactions combine to make detection a challenge. Internal controls and policies are not enough. Organizations need a second line of defense.

SAS’s modular approach to Procurement Integrity uses automation and deep analytics to create a proactive and preventative process. And by bringing together data from disparate external sources, you gain better situational awareness and efficiencies in the investigative steps.

Join us for an informative session where we discuss how analytics and automation can provide continuous monitoring for your procurement process. See how SAS can help your organization be proactive in preventing or mitigating losses before payment by resolving the prevailing weaknesses in fraud detection through the implementation of hybrid analytics.