According to new research from SAS, procurement fraud is widespread in the UK and the country lags behind many countries in its detection capabilities, being far more reliant on ineffective manual detection techniques than other nations. “A quarter of businesses (24 per cent) have been victims of collusion between suppliers, and slightly less (21 per cent) have caught employees collaborating with vendors they share a stake in – higher than the EMEA average of 16 per cent. Almost a third (31 per cent) have been subjected to contract bid rigging and 43 per to duplicate invoices, significantly higher than the EMEA averages of 25 per cent and 27 per cent” – writes workplace [insight]. UK companies are far more likely, it says, to process procurement applications manually (43 per cent) and depend on staff to report wrongdoing (40 per cent) against EMEA averages of 29 per cent and 30 per cent respectively. And the UK compares poorly to other countries in its reluctance to invest in the latest detection technologies. Read more here.
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