Detecting Fraud Using AI in Procure to Pay!
Are fraud and errors flowing through your procurement to payment business process?
According to an ACFE Global Fraud Study, 5% of a typical organization's annual revenue is lost due to fraud.
Learn how artificial intelligence algorithms can spot and help remove from your spending the leakage due to fraud, duplicate payments, errors and non-compliance.
This CPE course looks at using an AI-powered procurement to pay auditing solution which gives your finance team the details they need to effectively control all spending.
This training seminar looks at how world class organizations are reducing their costs using state of the art AI algorithms.
This seminar offers practical advice for adding AI algorithms to the procure to payment function. It is relevant for all types and sizes of organizations: the private sector, the public sector, the not-for-profit or charitable sectors, local and national governments, and international organizations.
Some firms that have a recovery audit process in place designed to recover spend leakage, ranging from errors, waste, fraud, and non-compliance are so 20th century. Forward thinking CFO operations use the power of AI to keep the disbursement from never leaving the organization in the first place.
An AI platform will automatically review and assess the relative risk of every vendor change, purchase order, receiving report, invoice and disbursement in the procure to pay business process. The finance team will be presented with high-risk adds, changes and approvals for manual review.
An effective set of AI powered analytics on top of your existing rule-based controls makes it possible to reduce spending by two or three times want you get by old style recover audits.
This timely, CPE training seminar is designed for the CFO, controller, accountant or internal audit director who wants to approach improving the procure to payment function and reducing spend leak.
The retail cost of this CPE event is $120.00 for each attendee.
Each attendee will receive 2 Auditing CPE Hours (YB). A certificate of completion will be provided.
Program Level of Understanding: Basic
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing
CPE Credits: 2, based on 50 minutes of instruction per hour
CPE Event Highlights
Look at how world class procurement organizations pursue a broader organizational agenda and leverage their organization to do some things significantly better than those in the middle of the industry average.
Recent studies have found that world class companies can have well over three quarters of their spending under management and ultimately deliver nearly ten percent cost savings as a percentage of overall spending.
This seminar is focused on procure to pay business process improvement to drive costs down and enhance the investigation of procure to payment issues.
Improving the effectiveness of your Procurement and Accounts Payable controls
Understanding the importance of, and risks associated with, the P2P Cycle
Identifying best practice rule based internal controls within the Procurement, Ordering, Invoice Processing, Receiving, and Payment
Understanding there are residual risks within your procure to payment process by only having rule based controls
Reducing residual risks further by the implementation of continuous monitoring using cloud based on AI algorithms to future analyze 100 percent of procure to payment transaction
Key Issues on the Agenda