Fraud hides in ordinary-looking transactions, and it is found by reading every one of them. Fraud Watch detects it early. Fraud Watch looks across your modules and findings, and points out patterns worth a second look, with links to check them.
What Fraud Watch checks
- Bank details changed before a payment. A supplier's bank details changed shortly before a payment went out to them.
- A new supplier, no agreement, a first invoice above your limit. A first-time supplier with no agreement or price reference in the Data Room sends a first invoice above your approval limit.
- Invoices split or repeated under an approval limit. Two or more invoices that repeat or split one purchase, each small enough to pass without a second approval.
- A finding quietly cleared. A change to your context, or a rejection, made a finding with money on it stop being raised.
- Price drift with no amendment. A supplier's price for the same item keeps climbing across invoices, with no amendment in the Data Room that moves it.
- A disconnect or a deletion soon after a finding. A connection was removed or something deleted within days of a finding on the same supplier, account or document.
What Fraud Watch draws on
- Every finding from every module you have.
- The Data Room, your organisational context and the activity ledger, the record of who changed what and when.
- Changes to master data are controlled. COSO Control Activities, principle 11; SOX: Master file maintenance controls.
- Transactions are supported by documents. COSO Information and Communication, principle 13; SOX: Audit trail and supporting evidence.
- Review above a threshold, and patterns just below it. COSO Monitoring Activities, principle 16; SOX: Management review controls.
- No transaction is recorded or paid twice. COSO Control Activities, principle 10; SOX: Duplicate payment prevention.
- Prices do not move without a document. COSO Monitoring Activities, principle 16; SOX: Vendor pricing monitoring.
What Fraud Watch needs
- Nothing to set up: it is included with any subscription and starts with your first module.
- It sees only the modules you have, so a module you have not added is not watched.
- It reads every finding the modules raise, the Data Room, your organisational context and the activity ledger.
What Fraud Watch will not do
- Give an opinion on whether fraud has occurred.
- Block, hold or reverse anything.
- Name a person as responsible.
- Run on data from a module you have not subscribed to.
- Learn silently from your dispositions, the accept or reject you give a finding.