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Procure-to-Pay Fraud: Detecting and Preventing Purchasing, Receiving and Disbursement Fraud

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Product Id : 701187
Instructor: Peter Goldmann

Duration: 90 Minutes  



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Overview:Procure to pay is the target for fraudsters of many kinds both inside and outside your organization. Consider the possibility of receiving a perfectly legitimately-looking invoice which gets approved and processed before it is determined that the sender of the invoice is a "ghost" vendor with nothing more than a postal box for an address.

Or-the case of the large retailer whoseAccounts Payable department honored the E-mail request of a "vendor" to switch from check payment to ACH payment, only to learn several millions dollars in fraudulent payments later, that the sender was a fraudster.

The variety of frauds that can and do plague the three components of the P2P cycle-Purchasing, Receiving and Disbursement-is large and growing. The good news is that with adequate awareness of the threat and the means and expertise to detect weaknesses in internal controls, a very effective prevention framework can be built..and maintained.

This Webinar is designed to provide a foundation of current knowledge about P2P fraud threats -as a foundation for understanding the specific "how-to's" of P2P fraud detection and prevention.

Why should you attend: Because most of the funds flowing out of any organization do so through the procure-to-pay cycle (P2P)-incorporating purchasing, receiving and accounts payable/disbursements--it stands to reason that much of the growing fraud threat is centered on these critical, closely-linked business functions.

This shows the urgent need for management to understand the wide variety of frauds in P2P and to apply the necessary detection, audit, reporting, training and prevention measures.

Areas Covered in the Session:
  • Understand how common procurement, receiving and disbursement frauds are perpetrated
  • Understand who the primary perpetrators of purchasing, receiving and disbursement fraud are
  • Understand why purchasing, receiving and accounts payable employees commit fraud
  • Learn how not to manage P2P from important case studies of frauds committing in this area
  • Recognize the red flags of common P2P frauds
  • Know how to apply best P2P fraud detection tools and techniques
  • Learn to correct P2P control deficiencies in favour of a robust anti-fraud control framework

Who Will Benefit:
  • Purchasing Managers and Senior Staff
  • Accounts Payable Managers
  • Shipping and Receiving/supply chain Managers
  • Accounting and Audit Practitioners
  • CFO's and Senior Finance Staff
  • Internal and External Audit Professionals
  • Senior Financial Management seeking to reduce their vulnerability to costly frauds
Peter Goldmann is founder and President of White-Collar Crime 101 LLC, the parent company of FraudAware and publisher of the monthly newsletter, White-Collar Crime Fighter. Peter has been the Publisher and Editor of White-Collar Crime Fighter for over 12 years and is recognized as a leading expert in the areas of fraud detection, prevention, investigation and training. He has written numerous articles on practical approaches to fraud prevention and detection for, among others, Internal Auditor, Investor's Business Daily, Financial Executives Institute and Bottom Line/Personal, Recognizing the vulnerability to fraud posed by a lack of awareness on the part of rank-and-file employees about specific types of economic crime , Peter launched the development of FraudAware in 2001. Following enactment of the Sarbanes-Oxley Act of 2002, FraudAware began helping companies resolve the unexpected increase in fraud losses, despite the costly implementation of SOX- mandated internal controls. He determined that while internal controls, Tone at the Top and whistleblower hotlines are all essential components of an effective anti-fraud program, the primary reason for continuing losses to internal and external economic criminals was a widespread lack of fraud awareness on the part of corporate rank-and-file employees. He theorized that if an organization's most valuable asset--its workforce--could be taught to spot and report telltale signs of fraud, investigations could be initiated and perpetrators apprehended before major losses were incurred and negative publicity tarnished the organization's reputation. The theory has proved viable over the past six years, as FraudAware training programs implemented at numerous companies in all major industries, have taught employees how to detect the common and not-so-common red flags of fraud and--most importantly--how to report these incidents through their employer's confidential hotline channels.

In addition to directing the ongoing development and refinement of FraudAware, Peter continues to publish White-Collar Crime Fighter and to speak at events sponsored by the Association of Certified Fraud Examiners, The International Association of Financial Crime Investigators, National White-Collar Crime Center and numerous industry trade associations. He also is a member of the Editorial Advisory Board of the Association of Certified Fraud Examiners. Peter, a Certified Fraud Examiner, holds a Bachelors Degree in Political Science from the University of Michigan and a Master of Economics from the London School of Economics. He is an active member of the Association of Certified Fraud Examiners, The Institute of Internal Auditors, The High-Tech Crime Investigation Association, InfraGuard and the Information Systems Security Association.

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