Transaction risk intelligence
Automated supplier statement reconciliation
Supplier risk intelligence
Managed AP recovery audit
Supplier file performance review
Forensic risk analysis
Consulting and bespoke reporting
A former Director of Finance and Administration at the Greater Beaumont Chamber of Commerce (GBCOC), has been charged for theft for allegedly stealing a combined amount of almost $84,000 from the Chamber and Beaumont Chamber Foundation. The stolen funds were reportedly used to pay personal bills, credit card debts, car insurance, and even a speeding offence.
Mary Poole, interim president of GBCOC, released the following statement to The Examiner:
“In May 2024, a case of misappropriation of funds was identified, allegedly by the former Director of Finance. During a deeper examination, the Chamber also discovered misappropriation of funds at the Beaumont Chamber Foundation connected to the same case.”
Mary Poole has also stated that following the incident, GBCOC implemented a comprehensive review and strengthened internal fraud prevention policies and procedures. Their aim was to significantly reduce the risk of future fraudulent activity and to safeguard assets.
The importance of financial controls
This incident highlights the critical role of financial controls and oversight in the payables process. Implementing dedicated accounts payable risk detection software can greatly reduce such scenarios, as it continually flags potentially fraudulent transactions. The stringent controls involved in software like this, safeguards working capital through continuous monitoring.
How FISCAL helps you prevent fraud
Our P2P risk management software simplifies fraud risk detection so your team can respond swiftly. Leveraging advanced forensics and AI, our platform examines vendors and transactions to identify fraud risks. Checks include:
- Identifying unusual invoices, such as round amounts, and exceptions or inconsistencies.
- Matching employee credentials to suppliers file records.
- Monitoring the master supplier file for issues including dormant accounts, unexpected changes and duplicate vendors.
The software also includes an audit trail to discover who has made changes, and when.
Using our fraud prevention software enhances spend control, giving a high level of oversight and peace of mind.
