{"id":33212,"date":"2021-09-21T09:04:15","date_gmt":"2021-09-21T09:04:15","guid":{"rendered":"https:\/\/compliancenow.nagarro-es.com\/?p=33212"},"modified":"2023-03-31T13:06:59","modified_gmt":"2023-03-31T13:06:59","slug":"sap-sod-eats-up-five-percent","status":"publish","type":"post","link":"https:\/\/compliancenow.eu\/en\/blog\/sap-sod-eats-up-five-percent\/","title":{"rendered":"Internal fraud eats up five percent of a company\u2019s turnover"},"content":{"rendered":"

The Danish National Audit Office<\/h3>\n

The Danish National Audit Office under the Danish parliament (Rigsrevisionen<\/a>) has just concluded that the management frameworks of most Danish ministries were inadequate for the purposes of preventing fraud committed by public-sector employees concerning procurement and payments of grants and salary. (https:\/\/uk.rigsrevisionen.dk\/Media\/B\/B\/7-2020_UK.pdf<\/a>)<\/p>\n

Unfortunately, it is a utopia to think that the situation should be much better in the private sector.<\/p>\n

Five percent of a private company\u2019s turnover disappears<\/h3>\n

The latest report from the international anti-fraud organization ACFE states that an average of five percent of a private company\u2019s turnover disappears into thin air as a result of employee fraud and scams. (https:\/\/acfepublic.s3-us-west-2.amazonaws.com\/2020-Report-to-the-Nations.pdf<\/a>)<\/p>\n

That number covers both financial fraud, bribery and improper use of materials, equipment, vehicles and more.<\/p>\n

Five percent is a significant number. It would raise the bottom line and stock price of many companies if at least some of the five percent could be minimized.<\/p>\n\n\n

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Segregation of Duties SAP SoD<\/span><\/h2>\n<\/div>\n<\/div>\n
\n
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But how can fraud be reduced?<\/p>\n

Here, ACFE points out that lack of internal controls is a contributing factor to one-third of fraud. So it\u2019s an obvious area of focus.<\/p>\n

Another thing that the Danish National Audit Office (Rigsrevisionen) also recommends is to ensure well-functioning Segregation of Duties, so for example it is not the same person who both pays an invoice and registers the same invoice in the system.<\/p>\n

And there must be control of user access and authorizations in IT systems and logging of user activities.<\/p>\n

The list above is not exhaustive, but provides a good starting point.<\/p>\n

If you choose to make an effort based on the potential financial gains, then the implementation of system-supported Segregation of Duties can prove to be the most profitable investment in 2021 for any company.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n

\n

.<\/span><\/p>\n\n\n\n

\"SAP<\/figure>\n<\/div>\n<\/div>\n\n\n

According to the ACFE, an average fraud case is only discovered after 14 months. It costs the company an average of 7.700 USD a month, and three out of four cases is done by a man.<\/p>\n

And even though only 20 percent of the fraud are committed by an owner or top executive, the cost of managerial fraud is ten times as high as non-executive employee fraud.<\/p>\n

<\/p>\n\n\n

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<\/p>\n\n\n\n

Follow us on LinkedIn<\/a><\/strong> and get instant access to our latest articles and posts on SAP and compliance.<\/p>\n\n\n\n

\"ComplianceNow<\/figure>\n","protected":false},"excerpt":{"rendered":"

The latest report from the international anti-fraud organization ACFE states that an average of five percent of a private company\u2019s turnover disappears into thin air as a result of employee fraud and scams.<\/p>\n","protected":false},"author":31,"featured_media":29651,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-33212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"yoast_head":"\nSAP SoD – Internal fraud eats up five percent of a company's turnover<\/title>\n<meta name=\"description\" content=\"SAP SoD – Five percent is a significant number. 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