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Articles by Laurent Colombant
CAPITAL INTENSIVE PROJECTS: THE IMPACT OF FRAUD, ERROR, WASTE AND ABUSE
By Laurent Colombant, EMEA Payment Integrity Solution Lead at SAS. For leaders managing capital-intensive projects, the challenge of controlling fraud, error, waste, and abuse (FEWA) is ever-present.
The top 5 threats to government procurement integrity
Government procurement teams are responsible for managing billions of pounds of public expenditure, and taxpayers want more transparency on how their money is being spent. However, experts estimate that procurement errors, waste and abuse can cost central government up to 4.7% of procurement spend.[1] And when government procurement fraud scandals hit the press, the damage to public trust can be severe.
AI and monitoring in the fight against procurement fraud
Procurement fraud is, to put it simply, huge. An estimate by PwC a few years ago suggested that it was one of the most common economic crimes around the world. That estimate has not changed. What’s more, few companies have taken steps to address the problem.
Process reviews required to prevent financial crime
Combatting financial crime has long been an arduous process. Conducting face to face investigations on the ground far and wide and rifling through masses of paperwork places a huge burden on the time and resources of financial organisations. These traditional forensic techniques may produce results in the end, but not without considerable difficulty in establishing the facts of the case. As with any people-based investigation, the possibility exists that the truth may never be uncovered.
A better approach to preventing financial crime
The traditional approach to detecting and reducing money laundering, fraud, bribery and corruption is challenging and time-consuming. It involves sending lawyers and forensic investigators around the world to interview people and seize paperwork and hard disks. The aim is twofold. First, it is important to find out what happened and to get the money back if a fraud has been committed.
Using machine learning to prevent procurement fraud in local government
Fraud is big business in the public domain. A report from PwC in 2018 suggests that around half of organisations around the world, including government organisations, have been victims of economic crime—often fraud. Worse, around half of all frauds were committed by someone within the organisation, often through procurement fraud. Businesses often underestimate the cost of fraud—but how much worse is the situation in the public sector, where there is no obvious victim except the taxpayer?
Tackling procurement fraud in healthcare
Back in 2010, Louise Tomkins, a senior manager in the NHS, admitted stealing more than £200,000 from several NHS Trusts, using the money to pay for thoroughbred horses, and then to run a private stud farm. Tomkins managed this by submitting false or doctored invoices for various patient services. For example, a new CCTV system for her stud farm was paid for through a bill for a new CCTV system for the hospital. Other bills were amended to show that they were for special equipment for patients.
Are Tender Frameworks the way to go?
Procurement So, you’re reviewing your finance system and decided it’s time you hear from new suppliers. But what procurement route do you plan on taking? It’s understandable if you might be leaning towards the framework route. It’s the safe option. You’re a finance professional, not a procurement expert. And with the documentation all created for you it will surely save countless hours.
SFO corporate cooperation guidance - How far should you go to cooperate?
Fraud The UK’s Serious Fraud Office (SFO) published its widely anticipated Corporate Cooperation Guidance on 6 August 2019. The five-page memorandum sets out, for the first time, indicators of good practice which the SFO expects corporates to comply with in order to be seen as cooperative in the context of self-reporting to the SFO.
Sifting the haystack: what are the must-have datasets for fraud teams?
Fraud It’s hard to overstate the impact of financial fraud. It is pervasive, destructive, and distressing for victims. It erodes trust in business and society, and exposes organisations to high levels of regulatory, reputational, and financial risk. According to UK Finance, in 2018, £1.2 billion was stolen through fraud and scams. That stolen money may be used to fund illegal activity that further damages society. The problem is large and growing.
The risk your business 'invites' in – managing insider threat - Financial Director
Financial crime Today, corporate security is everyone’s responsibility. Whether you work in procurement, finance, sales, or legal, you need to identify and manage risks—digital and physical—related to your department. The human resources department is no different and this team faces a specific security risk that is now a major concern for organisations: insider threat.
To send e-invoices to the Public Administration or not to send… that is the question!
Procurement Today, Europe’s eyes are turned towards the United Kingdom and its final decision regarding the Brexit impasse, which will definitely affect thousands of entrepreneurs doing business on British territory. Many of them, involved in public tender procedures, wonder what the procurement process will look like after the United Kingdom leaves the European Union, and whether it will still be possible to bill UK public administration entities via e-invoice.
Here’s Why Finance Needs to Care About Procurement Fraud
Yet according to PwC, this form of fraud is the second-most commonly reported economic crime in the world, ranking above bribery, corruption and even cybercrime. The question is – who should lead counter-fraud efforts? This week Finance Monthly hears from Laurent Colombant, Continuous Controls and Fraud Manager at SAS, to explore the ins and outs of procurement fraud. Worryingly, businesses seem unclear on the answer.
Fighting fraud: When a watchdog needs a bloodhound
Fraud A series of high-profile scandals and business failures at some of the best-known corporate names in the UK has thrown technical accounting issues into the spotlight. It has also re-ignited the debate about the role of external auditors in detecting fraud. In 2017 Tesco agreed a Deferred Prosecution Agreement (DPA) and a £129m fine with the Serious Fraud Office for irregularities over supplier payment recognition.
Almost half of office workers would sell their firm’s corporate information
Financial crime Almost half (45%) of office employees would be willing to sell corporate information to people outside their organisation, according to new research that exposes the extent of the insider threat. Just £1,000 would be enough to tempt 25% of employees to give away company information – and 5% would give it away for free, says a report from cyber security firm Deep Secure.
Online purchasing can save businesses hundreds of pounds..per item!
Procurement A huge expense to all businesses that is often overlooked is the cost of essential day to day items. While many purchasing departments simply contact suppliers in order to replenish items such as pens, paper or ink, they often use multiple providers for these types of basic products, making the process more disjointed and far less cost-effective than it ought to be. So how can businesses streamline the process and save money at the same time? The answer lies in digital procurement.
Tax theft is more prolific than you might think
Fraud For years the financial services sector has been a target for malicious attacks and breaches. You only have to look at some of the high-profile incidents over that time to see why the financial sector is so concerned about rising threats. For example nearly $100 million was stolen from Bangladesh’’s central bank in February 2016 and thieves found their way into what was thought to be the most secure financial messaging system in the world, SWIFT.
Why banks need to continue to take the fight to fraud
Fraud The UK banking industry has a billion-pound fraud problem, with £1.2bn lost to fraud and scams in 2018. There’s no shortage of statistics that further expose the sheer scale of the problem, such as recent findings from Experian that reveal a new incident of financial fraud was reported every 15 seconds in 2018.
SFO: friend or foe?
Fraud Last week’s announcement by the UK Serious Fraud Office (SFO) that it will shortly publish further guidance to clarify its rules on self-reporting of fraud and corruption offences will doubtless have come as welcome news in many corporate boardrooms and the offices of their legal advisors, given the present level of uncertainty as to what a company can hope to achieve if it chooses to self-report.
Are the Money Laundering Regulations a success or failure?
Financial crime In late June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR) came into force. The MLR include a range of investigatory powers that purport to empower regulatory authorities whilst widening the scope of entities and individuals that are subject to regulatory mandates. In terms of the strength of the framework, the MLR appear to build on the UK’s ‘gold-standard’ framework amongst European financial centres.
Crisis and risk management: What’s in your yearbook?
Governor Ralph Northam of Virginia, Cambridge Analytics, Virginia Lt. Gov. Justin Fairfax, and State Attorney General Mark Herring, Enron, Harvey Weinstein, Tyco, Bill Cosby, Anthony Weiner, Wells Fargo, Roseanne Barr, Barings Bank, Bill Clinton, Martha Stewart, Tiger Woods, Volkswagen, Lance Armstrong, Brett Kavanaugh, Jussie Smollett. We all have skeletons in the closet, some are real, some are not, some are put there by others, some we put there ourselves. What’s in your closet?
Managing the risks of sending employees abroad
The saying goes that people are a company’s greatest asset. Businesses are no stranger to the need to secure their more tangible assets, be it property, process, information or even reputation, but with employees there are a number of considerations that complicate the mitigation of risk. Sometimes businesses will have to send staff to locations where the risk level exceeds the company’s risk tolerance.
Could your company be a victim of procurement fraud? (It’s more likely than you think)
Financial crime Fraud A few years ago, PwC announced that procurement fraud was the second most-commonly reported economic crime worldwide. It’s a broad term, covering everything from bid rigging and supplier collusion to duplicate invoicing and expenses fraud. In a nutshell, though, it’s what happens when your employees or supplier network fiddle the books to their own benefit, and it’s stinging businesses of all varieties.
Fighting fraud in business: who takes the lead?
Fraud Thanks to the fast-paced international nature of the modern business world, organisations face increasing pressure to identify efficiencies and streamline operations to protect their bottom line. Equally, the rapid spread of information means that companies have to be proactive in ensuring focus is given to reputation management, creating an ethical environment, and complying with the evolving regulatory landscape.
Could your company be a victim of procurement fraud? (It’s more likely than you think)
A few years ago, PwC announced that procurement fraud was the second-most commonly reported economic crime worldwide. It’s a broad term, covering everything from bid rigging and supplier collusion to duplicate invoicing and expenses fraud. In a nutshell, though, it’s what happens when your employees or supplier network fiddle the books to their own benefit, and it’s stinging businesses of all varieties.
Billions within reach at your fingertip
Every day, billions* are spent on equipment and services to run operations, maintain asset life cycle and develop new business. Procurement is big business, and that makes it an attractive target for criminals. PwC estimates that almost 30% of organisations have been hit by procurement fraud in the last year. Other recent studies show that an average of 5% of total spend could be lost as a result of internal or external fraud.
Why procurement integrity and fighting corruption matter - Hidden Insights
Does procurement integrity really matter? Fighting procurement fraud and optimizing procurement cycles is difficult, not least because it often involves employees. Asking your employees to police each other can cause problems, because it implies a lack of trust, and trust is what relationships are built on. If you undermine the trust, you also undermine the relationship, and therefore the ‘glue’ that binds your organisation together.
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