Product News: Software
Purchasing Card Monitoring Software helps combat fraud.
Press Release Summary:
April 4, 2014 - With Purchasing Card Monitoring Solution, purchasing card, audit, and finance professionals can monitor, track, and manage key risks. Organizations can quickly identify control breaches, fraud, and improper purchases, while getting feedback on key performance metrics across entire P-Card process. Solution provides automated notifications and workflow that can track all deficiencies as they occur, as well as provide assurance that they are being addressed in timely manner.
Original Press Release
CaseWare Analytics Helps Combat Purchasing Card Fraud and Deliver Insights with Monitoring Solution
Press release date: March 26, 2014
P-Card Monitoring Solution Enables Organizations to Immediately Identify and Resolve Fraudulent and Non-Compliant Activities tied to Purchasing Card Fraud and Misuse. JP Morgan Purchasing Card Survey shows P-card fraud on the rise.
TORONTO, -- Designed to prevent fraud and improper payments as well as lower reputational risks associated with the use of purchasing or procurement cards (P-Cards), CaseWare Analytics has announced the launch of a Purchasing Card Monitoring solution. The solution offering allows purchasing card, audit and finance professionals to monitor, track and manage their key risks, while leveraging CaseWare's expertise in assessing internal controls.
Thirty-eight percent of organizations that have experienced corporate card fraud admit employee involvement[1 and according to the 2013 Association for Financial Professionals (AFP) Payments Fraud and Control Survey, P-card fraud rose 10% from the previous year and is rising. The benefits and cost synergies created by empowering employees to make direct purchases can also pose new risks, which, if not monitored properly, can lead to considerable monetary losses and a culture conducive to fraudulent behavior.
With CaseWare's P-Card Monitoring solution, organizations can quickly identify control breaches, fraud and improper purchases, while getting feedback on key performance metrics across the entire P-Card process. Organizations get an independent point of observation over P-Card processes, transactions and associated controls. Key components of the solution are automated notifications and workflow that can track all deficiencies as they occur, as well as provide the assurance that they are being addressed in a timely manner.
"With automated monitoring of 100% of all card related transactions and activities, organizations can easily get insights at their fingertips, without the hassle associated with manual testing or sampling," said Andrew Simpson, COO of CaseWare Analytics. "With this monitoring platform, organizations are able to leverage their level 2 and 3 data to resolve issues faster and prevent non-compliant activities such as double payments by card and invoice, and ex-employees with open cards."
The solution offers:
-- The ability to concurrently monitor multiple data sources such as P-Card, HR, AP data, etc. to provide a consolidated view of all card activities
-- Automated and repeatable data analytics that address key risks not adequately managed by built-in application controls and expense management systems
-- Fast Resolution of Issues via an alert system equipped with resolution guidelines on how to action/resolve the exceptions
-- Executive dashboards for key stakeholders which provide insights on all issues such as the ongoing status of remediation for identified issues
-- Insights that can lead to business improvement such as maximizing rebates and root cause analysis of non-compliant and questionable transactions
-- CaseWare expertise and proven best practices for P-Card program policies and administration
To learn more about CaseWare Analytics solution for Purchase Card Fraud, visit: www.casewareanalytics.com/solutions/business-solutions/purchasing-cards-monitoring
To sign-up for a complimentary risk and controls assessment, register here: www.casewareanalytics.com/complimentary-risk-assessment
Additional insights are also available for Procure-to-Pay Analysis.
About CaseWare Analytics
CaseWare Analytics is home to IDEA Data Analysis, Collaborative Analytics and Continuous Monitoring solutions. All CaseWare Analytics technologies are built upon the foundation of best practices in assessing risk and controls, hereby enabling audit and finance professionals to use real data insights to create remarkable ROI and business improvement opportunities. For more information please visit www.casewareanalytics.com or call 1-800-265-4332 Ext: 2803
[1 JP Morgan Payments Fraud: The Battle Continues, 2012
Marketing Executive, CaseWare Analytics