Identifying & Addressing Procurement Fraud - Meadowlands USA Newsletter

Publication

8.17.16

 Meadowlands USA Newsletter

According to risk consulting firm Kroll, 19 percent of businesses endured vendor, supplier or procurement fraud in 2015. If you are not familiar with what procurement fraud is and are a business owner, it might be in your best interest to become educated in the matter.

Here is a hypothetical situation in which it occurs and how to handle it effectively:

A month ago, you fired the head of your IT department. The man had been slipping for a long time even though he was with you since the inception of the company. Ultimately, he put you in a difficult position and it was very hard for you to let him go.