internal audit

Notable Friday Chat: Fraud Risk Management

Happy Friday! I hope you’ve had a great week. With that said, I want to leave you with a short message about Fraud Risk Management. Until next week, have a wonderful weekend and remember, “Success is continuous improvement”!

 

“To minimize fraud risk, top management must be committed to a Fraud Risk Management program, implement visual controls and employee guides, have clear reporting procedures and whistle-blower protection, have an efficient investigation process, and most importantly, translate policy into daily activities.”

Simple Procurement Hacks to realize Savings

To elaborate further on previous article,  “Price focused Sourcing is bad for Business”, I have created a list of procurement hacks for realizing savings. saving-clipart-yTkeraBAc

1) Audit invoices and purchase orders to identify unapproved vendor charges, price discrepancies, and unapproved purchases.

2) Audit vendor database to ensure accurate data, remove duplicate information and ensure vendor has proper approval.

3) Share sales demand and budget data with procurement team.

4) Share inventory data with suppliers and have them do the same.

5) Develop a quality plan.

6) Focus on total cost instead of price.

7) Build strong supplier relationships by working with vendors to improve quality, delivery and logistics; and encourage the use on long-term contracts with quality stipulations and year by year locked in prices.

Are your procurement expenses deteriorating your bottom line? Could your sourcing process use a re-design? Contact me now http://bit.ly/2prHowW

Save

Save