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 every module you have and every finding they raise, and points out the patterns worth a second look, with the links to check them.
What it 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 it 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 it 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 it 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.