Fraud Prevention & Corruption in Procurement

An Ounce of Prevention is Worth a Pound of Cure

Procurement fraud can be understood as the dishonest manipulation of a sale or management of goods and services in order to obtain an advantage or redirect funds for personal gain. As a result, companies experience big financial losses and often, their reputation and credibility are also jeopardized.

Procurement fraud and corruption can occur at varying levels of sophistication and no industry is entirely immune to it. Any organization can fall victim to fraud.

Because of the dire effects of procurement fraud, all companies are strongly advised by the government to implement robust checks in order to prevent falling victim to corrupt acts. In addition to these internal checks, it is absolutely essential for companies to be well-informed about how to manage and prevent all types of fraud. Given the humanistic nature of doing business, it is impossible to eradicate the possibility of fraud entirely. However, it is possible and crucial for businesses to adopt a preventive approach by learning how to recognize signs of procurement fraud and approach suspicious activity in an appropriate manner.

In order to help protect your organization from procurement fraud, REL Alliance is proud to offer one of its specialties to customized & “tailor-made to suit” courses on Fraud Prevention & Corruption in Procurement.

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