It’s the time of year when stories about fraud seem to take center stage, prompting many business leaders to ask, “What are we doing to combat this in our own company?” The good news is that, according to a recent Global Fraud Survey published by Kroll and reported by Aberdeen Group, most companies are doing something to fight fraudulent activity. By looking at the three keys to effective anti-fraud solutions – data integration, automation and analytics - companies can evaluate whether their approach is as strategic and effective as it could be.
Aberdeen reports what DataServ has long been discussing with clients – that automation and the increased access to well-documented, auditable data and comprehensive reporting are part of an overall strategy for reducing the risk of fraud. Key benefits of automation include more accurate data capture, workflow automation, and improving controls and adherence to policy through a well-constructed approval matrix. All actions and activities taken on individual payables are tracked and possess an easily accessible audit trail.
These are just a few of the data management benefits afforded companies using these solutions for their accounts payable process, and all the benefits can counteract a major issue faced in fraud prevention. As Aberdeen points out, “The problem in many fraud scenarios is there is too much information (their emphasis), and most of it is in disparate stovepipes and formats.” The study findings also point out that companies are increasingly seeking solutions that integrate data from existing sources for the purposes of discovering fraud more quickly and providing greater support for subsequent investigations.
What is your company doing to combat fraud? Are you confident that your company is doing all it can? If not, contact DataServ for more information about best practices, automated workflow, and insightful reporting that can lessen your risk.