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Lexis Nexis
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Procurement fraud is a leading commercial risk and organisations must implement every possible preventative measure to ensure it does not impact the business. -
Decisions and consequences go hand-in-hand. This is why having adequate, relevant information at your fingertips is a critical aspect of any decision-making process - more so when these decisions affect the operation of business and company reputation. -
Sometimes procurement professionals can be caught with their hand in the cookie jar, mixing business with pleasure to the detriment of their employers. -
Procurement fraud can be committed by employees acting alone or in collusion with vendors. -
Suppliers play a huge role in the operational capacity of a business and with a mutually healthy relationship, trusted suppliers can help a business satisfy customer needs, even in a pinch. -
The single biggest negative factor that could potentially arise from an organisation’s relationship with its third-parties is risk. -
The Auditor General of South Africa defines irregular, fruitless and wasteful expenditure (IFW) as ‘expenditure that was made in vain and could have been avoided had reasonable care been taken. -
Technological innovation benefits business by putting pioneering solutions in the hands of busy professionals, thus promoting self-sufficiency and accuracy. -
Companies evolve and so do their needs. More often than not, third parties are essential for organisations to function and meet their own outputs. -
The impact of fraud in procurement can be far reaching with many aspects of the business affected by such transactions.