How Do You Cultivate Compliance to Protect Your Business?
Regardless of your organisation’s industry, size, or location, travel and expense spend mistakes or fraud can have significant financial consequences. Fraud isn’t something that many organisations want to acknowledge or talk about, but unfortunately, it is an undeniable issue for every organisation. Every day that duplicate, exaggerated or fake payments are being processed, your business is losing money.
However, by establishing checks and balances to put you in control of employee spend, and making it easy for employees to comply with policies, you can mitigate, detect, and prevent losses due to accidental errors or fraudulent activities.
Also, let’s not forget that fraud isn’t always intentional. Some employees just don’t know the policies or understand the processes required to prevent non-compliant spend. Of course, there are some employees who don’t see an issue with a little exaggeration on their expense claim, but when you’re managing hundreds or thousands of employees, a little exaggeration can soon add up.
For example, did you know…
- In a typical organisation, 5% of annual revenues are lost to fraud each year
- 14% of asset misappropriation schemes are related to expense reimbursements
- 50% of fraud is due to weaknesses in internal control processes
- $130,000 median loss for cases of organisational fraud across every industry
- $200,000 median loss for cases of organisational fraud across small businesses
- $258,000 median loss from organisational fraud in the in professional services sector
But don’t panic – there are steps you can take today to cultivate compliance to protect your business. SAP Concur solutions enable you to unlock powerful insights that help you reduce complexity, control costs, and see spending clearly. As a result, you can effectively manage employee spend, proactively pinpoint problem areas or fraud early, and establish easy-to-follow processes that increase employee compliance.
Download our eBook and start taking control of compliance today.
