Safeguard taxpayers’ money with
The post COVID-19 efficiency drive makes protecting your department’s budget more important than ever. With organizations in the public sector losing huge amounts annually to internal and external government procurement fraud, the pressure is on to prevent losses and recoup the budget.
The UK Government can’t rely on yesterday’s approaches to solve tomorrow’s problems. The mission of the Public sector is to serve its citizens; to ensure the safety, security, and well-being of all. Accomplishing this today requires innovative technology fit to fight future challenges in government procurement.
We need to talk about Public Procurement
Procurement losses account for the second largest economic crime on the planet, yet no one is talking about it.
We need to stop accepting procurement losses as a cost to doing business and take a proactive approach to prevent fraud or error from occurring in the first place. Gain an accurate and holistic view of your public procurement risk.
Unmask the enemy within
One of the biggest barriers to detecting internal fraud is people’s natural trust of their colleagues.
Over half of all financial fraudsters are employees. Objective controls are required to detect fraud and supplier non-compliance, to improve the procurement process, prevent fraud, improve governance, and lower supply chain risk. Realizing those objectives can generate enormous financial value for the enterprise.
Siloed information, lack of analysis, an inability to map relationships between possible co-conspirators and difficulty tracking adherence to procurement mandates are the cause of the challenges faced by procurement officers.
The solution lies in data management and analytics that help to overcome these issues, enabling procurement officers to avoid fraud and waste, ensure the contract delivers everything it says it will − all while more effectively complying with procurement mandates and quotas.
Top 5 Threats to Government Procurement
Government procurement teams are responsible for managing billions of pounds of public expenditure, and taxpayers want more transparency on how their money is being spent. A robust government procurement strategy must be able to detect and mitigate all five of the following threats.
Safeguard your citizens
PwC has listed procurement fraud as one of the world’s most reported economic crimes, ranking above cybercrime and business misconduct. It lowers revenues, ruins reputations, and distracts from the crucial work of businesses.
It usually hides in plain sight. Often committed by known suppliers and those closest to the business, it's estimated that organisations lose 5% of their annual revenues to fraud.