Robust master data management is essential to identify and prevent vendor fraud.
In our recent report with APEX Analytix, we analysed the quality of data management processes in today’s shared services and identified the practices organizations have established to reduce risk of fraud.
Of the 100 professionals surveyed there are 3 key controls they use:
1. Segregation of duties - 86% of respondents
2. Third-party AP audits at least once a year - 73% of respondents
3. Verification against external data sources - 67% of respondents
Despite these controls being implemented, the report found significant room for improvement:
- Up to a third of companies aren’t establishing best practices to control and prevent vendor fraud
- Most master data is managed manually, with only 24% of respondents using a supplier portal
- 33% of respondents don’t have a regular process for cleaning vendor data
Such issues can expose organizations to fraud and the report examines ways to reduce this risk, exploring:
- 4 tips to improve data and vendor management
- How to overcome the biggest challenges with vendor master data management, including continuous monitoring, completeness of data, and duplicate records
- The current state of data management today, including registration processes, use of supplier portals and their capabilities, and how frequently preventable fraud is occurring
- What technologies leading companies use to improve vendor data
Download a free copy of the report to benchmark your master data practices and learn about strategies to strengthen your processes.
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