What is Procurement Frauds? – A Quick Guide

Prevention is better than cure, and it is very critical for organizations to identify the areas of risk to protect themselves from incurring losses. Sometimes an organizational fraud can even cost an arm or leg to an organization.

Bribery, conflicts of interest, fabricated paperwork, counterfeiting and tax evasion are some of the few terms that we never relate with the procurement function.

But in reality, procurement frauds can occur at any stage of an organization and while procurement plays a critical role in working with third-party supply partners, an increased focus on the impact of supply chain disruption has elevated the level of that engagement — driving significant corporate investments to enable strategic risk assessment and mitigation.

In this whitepaper, we will draw a framework and discuss areas associated with ‘What is Procurement Frauds’. We will also talk about specific scenarios that lead to enterprise exposure and what steps procurement can take to mitigate related risks.