Laurent has been helping customers tackle financial crime using NLP, ML and analytics since the year 2000. After focusing on sanctions screening, anti-money laundering, payment fraud and terrorist cell financing he is now working to address Continuous Compliance monitoring for SAS customers. This includes P2P, T&E, Know Your Supplier and Insider fraud modus operandi. He’s the NEMEA pre-sale lead for the solution and believes it’s the next to hottest fraud detection solution in the market.
In principle, the best method of mitigating fraud is to set up a strong detection system. A system perceived as unbeatable will mean that potential fraudsters are discouraged from attempting anything and move on to easier targets. The premise of deterrence is that a system that detects fraud and abuse
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. However, experts estimate that procurement errors, waste and abuse can cost central government up to 4.7% of procurement spend.[1] And when government procurement fraud scandals hit
Procurement fraud is, to put it simply, huge. An estimate by PwC a few years ago suggested that it was one of the most common economic crimes around the world. That estimate has not changed. What’s more, few companies have taken steps to address the problem. “Procurement fraud is notoriously
Analytics does not remove the need for reliable procedures, or well-trained staff—but it improves the monitoring of both.
Analytics is a game-changer in detecting procurement fraud. It is by far the most efficient way of doing so.
Analytics-based approaches in healthcare offer a new way of thinking about fraud. They are able to predict potential events.
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,
