The Multimillion-Dollar Leakage in Your Organization: Protecting Your Procurement Process

We all know that oil and gas companies spend hundreds of millions of dollars each year on products and services to run their operations. What is lesser-known is the very real and significant risk, hidden deep within the transactions between vendors and employees, that can equate to tens of millions of dollars. More alarming is that most organizations feel their existing internal controls and compliance strategies are adequate enough to address this risk.

This session will outline the fact that 4–5% of an organization’s annual revenue is what is at risk to occupational fraud, a significant amount of bottom-line revenue leakage right before our eyes! Examples of these occurrences and their countermeasures will be explored, with an emphasis on what we can do today to realize ROI while reducing the losses we aren’t even aware of. Through continuous monitoring and analytics, oil and gas companies can reduce risk while proactively evaluating controls and identifying risk where additional training, controls, or policy are needed to ensure organizational success and stability for the future