A few years ago, PwC announced that procurement fraud was the second-most commonly reported economic crime worldwide. It’s a broad term, covering everything from bid rigging and supplier collusion to duplicate invoicing and expenses fraud. In a nutshell, though, it’s what happens when your employees or supplier network fiddle the
Every day, billions* are spent on equipment and services to run operations, maintain asset life cycle and develop new business. Procurement is big business, and that makes it an attractive target for criminals. PwC estimates that almost 30% of organisations have been hit by procurement fraud in the last year.
Does procurement integrity really matter? Fighting procurement fraud and optimizing procurement cycles is difficult, not least because it often involves employees. Asking your employees to police each other can cause problems, because it implies a lack of trust, and trust is what relationships are built on. If you undermine the
For many of us, our main contact with anti-money laundering (AML) activities is the need to prove our identity before we can open a new bank account, or buy a house. It may be annoying, but it’s just one of those things that has to be done. But for governments,