When the subject of procurement fraud comes up, the most obvious question is how difficult is it to spot?
But the chances are you have witnessed potential signs of procurement fraud in everyday working life, so look out for those potential ‘red flags’.
It should be noted a red flag is an indicator there may be issues or concern, but doesn’t necessarily mean there is fraud. (more…)
We are now well into 2013 and there has already been a number of allegations of procurement fraud around the world. If you were to look at the majority of global corruption cases, there is often a link to the procurement process through bid rigging or manipulation of contract awards.
Procurement fraud is truly a global problem affecting multiple market sectors. Is it on the increase? Or are organisations and law enforcement now more proactive in preventing and prosecuting it? No one really knows. (more…)
In 2012 we trained many organisations both in the UK and across the globe on how to mitigate and identify procurement fraud and there has definitely been some consistent themes.
There is still a lack of profile in many boardrooms around the risk procurement fraud presents despite the National Fraud Authority highlighting figures of substantial losses attributed to procurement fraud. (more…)
The implications of two recent headlines appear to have escaped the procurement profession’s attention. One news story was the UK government expects to save more than £5 billion this year after a round of “tough contract negotiations” with suppliers. The other was that according to the National Fraud Authority, procurement fraud is costing the public sector £2.3 billion. (more…)
Last week, the Audit Commission released its report into the impact of fraud on local councils. Alarming as the report is – in particular the fact that procurement fraud was the fastest growing element in 2010/11 – I believe fraud by professional procurement officers is still relatively low. (more…)
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