Canada-based software, and consulting services provider ACL has developed a purchasing or procurement card (P-Card) Fraud solution, designed to prevent fraud, improve policies, and promote cost management.
The launch is in response to increasing customer concern regarding internal fraud and abuse associated with the use of P-Cards, the company said.
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ACL’s P-Card fraud solution is claimed to provide the tools, training, and consulting expertise to manage over 20 fraud-related risks inherent in the use of P-Card programmes.
Unlike manual controls testing, the new service allows organisations to rapidly identify questionable transactions and remediate issues.
Components of the P-Card fraud solution include, series of best practises for policies and administration of P-Card programmes, consolidated and optimised set of key controls that address 20 common risks in P-Card me, ten continuous monitoring data analytics that implement real-time monitoring of complete transactions.
They also include repeatable process, set of control definitions, and workflow to document and remediate gaps and executive dashboards that form a central location for key stakeholders to gain visibility of fraud, waste associated with P-Card programmes.
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