Procurement fraud may be one of the more perplexing frauds to explore; there are various ways it can be committed and when examining it, all alternatives should be explored, but may not be recognized. A basic definition of procurement fraud may be ‘fraud inside the procurement lifecycle of an item or administration, not disregarding long haul support contracts’. The Office of the Deputy Prime Minister (ODPM) characterizes procurement in a different way. The definition states that the methodology of ‘procuring products, works and administrations, coating both the procurement from alternate gatherings and from in-house suppliers. Numerous frauds succumb to the standard of procurement fraud as most organizations acquire items or administrations through some manifestation of procurement activity.
In our previous post on procurement fraud we explored 3 fraud prevention techniques so we want to continue that theme in this post.
Given underneath are 3 steps of procurement fraud prevention:
Obviously, the greater part of these measures taken together can’t make your association bulletproof. As per Karen Schnatterly, a white-collar-crime master at the University of Minnesota’s Carlson School of Management, there are continually set to be savvy individuals, who are all ready to discover methods for getting in under the radar. But in the event that the lately defrauded organizations had embraced the 6 fraud prevention techniques we’ve highlighted, they all would have had a much better chance of evading the hit that took them into the headlines.
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