Purchase to Payment Solution

Procurement Fraud

The purchase to payment process (P2P) remains one of the most complex business processes, often spanning multiple systems and operations.  Despite the level of automation, including ERP implementations, P2P remains an area prone to fraud, money leakage, waste and inefficiency.

False invoicing and theft of inventory remain as major sources of fraud, both within management and non management ranks as well as with external suppliers. Interestingly, it takes an average of 342 days to detect a fraud, at which point 89% of all proceeds are unrecoverable. According to KPMG Forensics Fraud Survey for 2008 the average organization with $1.5m in fraud per year, $1.34m is lost.

These challenges are a source of major frustration for Senior Management in their efforts to gain full visibility into the P2P process.  They want effective controls to manage their cash and the ability to more easily adapt and comply with regulations and internal policies, regardless of how and where procurement takes place.

Business Process Owners (BPO) want similar efficiency gains as well as activity metrics and benchmarks to help them understand performance over time. BPOs that can identify and resolve issues at source, rather than during the next audit, will get significant cost savings and realize efficiencies.

Continuous Monitoring

Continuous monitoring solutions provide an organization with an independent point of observation over its P2P business processes. It enables immediate identification of control breaches, fraud and money leakage, while ensuring data quality and providing feedback on key performance metrics across the entire process.

A key feature on an effective solution is the deployment of fraud and deficiency issues as they occur in a framework that ensures that they are addressed in a timely manner.

SymSure Purchase to Payment Monitoring

SymSure enables any P2P process to be monitored, regardless of the underlying systems, data sources, platforms or locations. Results from these disparate sources are consolidated and presented in SymSure for use by any authorized users, regardless of location.

Using SymSure, all facets of the P2P process, from Requisitioning through to Payment, can be monitored, providing insight into specific issues as well as the overall health of procurement controls. Notifications and workflow management are built into the SymSure framework ensuring that issues receive proper attention and their resolution managed.

SymSure’s suite of tests is comprehensive and covers the full lifecycle of P2P. The suite includes tests and reports for Segregation of Duties, Master Data Monitoring, Exception Reporting and Metrics & Performance Monitoring.