19 April 2014

ACL launches P-Card Fraud tool

04 December 2013  |  693 views  |  0 Source: ACL

In response to increasing customer concern regarding internal fraud and abuse associated with the use of purchasing or procurement cards (P-Cards), ACL has announced the availability of a P-Card Fraud solution.

Designed to prevent fraud, improve policies, and promote cost management, ACL's all-in-one package provides the tools, training, and consulting expertise to manage more than 20 fraud-related risks inherent in the use of P-Card programs.

According to ACL's 2013 GRC Technology Pulse Survey of 2,200 audit, risk management, and compliance professionals, risk related to internal fraud and abuse is an area of highest concern. Fraudulent use of P-Cards ranks among the most commonly occurring types of employee fraud.1 If any risk exists for this type of activity to become widespread within an organization, not only can the total monetary losses become considerable, but a culture that promotes fraudulent behavior can also become prevalent.

By using ACL's P-Card Fraud solution, organizations are able to easily and rapidly identify questionable transactions and remediate issues without having to spend the time and effort associated with manual controls testing. The comprehensive solution is able to analyze 100% of P-Card transactions, as opposed to relying on limited sampling, which may catch one large instance of fraud, while failing to identify an accumulation of small infractions that add up to significant sums, which tends to be a more common scenario.

"I compare P-Card fraud to music piracy. No matter how clever an organization is in preventing employees from circumventing controls, such as spending limits or manager approvals, they will find new ways around them," said Dan Zitting, Vice President, Product Management & Design at ACL. "The ACL solution not only continuously monitors for suspicious transactions, but is also able to monitor complete data populations from diverse data sources, such as credit card vendors or expense management systems, while introducing unpredictability into the identification process that less scrupulous employees will not be able to account for."

The components of the new offering include:
1. Series of best practices for policies and administration of P-Card programs
2. A consolidated and optimized set of key controls that address 20 common risks in P-Card programs not adequately managed by built-in controls and expense management systems
3. Ten continuous monitoring data analytics that implement real-time monitoring of complete transaction populations, automating those key controls
4. A repeatable process, set of control definitions, and workflow to document and remediate gaps
5. Executive dashboards, which bring together the activities above to form a central location for key stakeholders to gain increased visibility of fraud, waste, and abuse tied to P-Card programs 

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