Contract and procurement fraud are critical issues for businesses, corporations and all levels of government to defend against, yet the losses continue to mount. What is wrong with how we manage contract and procurement fraud?
Contract & Procurement Fraud Prevention Failures
The reasons we fail to enact measures that can prevent contract and procurement fraud vary based upon the type of entity. Units of government (i.e.: local, state and/or federal) must deal with corruption that allows these practices to continue. Corporations, businesses and commercial real estate properties have to deal with investors and lenders who have no tolerance for contract and procurement fraud prevention failures. Failure costs money. The challenge has been that no systemic solution was available to address the totality of this problem, so everything has been a “patchwork quilt” of half-measures that leave open loopholes for criminals to exploit from outside the organization and inside the organization as well.
How about we approach this problem with a systemic solution to end this once and for all?
The iCREDIT program provides a comprehensive solution to the underlying problem of which fraud and embezzlement are but a symptom. That problem is default risk. Default risk extends beyond these issues, but it does encompass them due to the fact the costs and risks can impact other risks and result in a default. iCREDIT ends that potential outcome. iCREDIT offers the systemic approach to ending execution risk, market risk, financial reporting risk, funds custody risk, vendor performance risk, contract fraud due to non-performance, false billing fraud, embezzlement and administrative foreclosures.
The iCREDIT program represents the final outcome of more than 14 years of development and the resulting technological advance provides a scaled approach to service millions of businesses. Accordingly, the cost of our service is a net zero impact opportunity for your company.
Start with a free and confidential initial risk assessment and get the final answer to this issue you have been looking for.