There are several approaches you can try to tighten up your AP operations and thereby perform an internal audit; which in itself will be fruitful for future audits and investigations.
These approaches require some data gathering, procedural changes, and employee education. However, the implementation of these changes should not be a burden to you, your staff, or the company.
This webinar will discuss several key areas to investigate, how to uncover fraud, and put a plan in place to prevent it from going forward. We will discuss duplicate payments where a simple quarterly scan can uncover potential issues. By identifying some strategic areas to review, you can educate your staff on what to look for and modify some applications, either internal or vendor developed, to identify potential hazards. With these two steps only, you may be able to pinpoint leakages that otherwise may go unnoticed.
- Data gathering
- Establishing the scope and objectives
- Assessing your risk and resources
- Quality of policies, procedures, and limits
- Risk assessment for specific payment types
- Specific incidences to research
- Which controls are necessary
- Incentives or punishments?
- Infrastructure and governance
- Implementing solutions
- Cost/benefit and decision process
- Optimizing operations
- Managing risk
- New payments technology and innovation
- Managing the risks
- Management approach
- Accounts Payable Managers
- Payments professionals
- Operations managers
- Cash management product and sales staff
- Treasury managers
- Commercial bankers
- Corporate treasury professionals
- Payments network providers
- Payments processors