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Detecting Fraud Using AI in Procure to Pay

Detecting Fraud Using AI in Procure to Pay

Are fraud and errors flowing through your procurement to payment business process?

 

According to an ACFE Global Fraud Study, 5% of a typical organization's annual revenue is lost due to fraud.

 

Learn how artificial intelligence algorithms can spot and help remove from your spending the leakage due to fraud, duplicate payments, errors and non-compliance.

 

This CPE course looks at using an AI-powered procurement to pay auditing solution which gives your finance team the details they need to effectively control all spending.

 

This training seminar looks at how world class organizations are reducing their costs using state of the art AI algorithms.

 

This seminar offers practical advice for adding AI algorithms to the procure to payment function. It is relevant for all types and sizes of organizations: the private sector, the public sector, the not-for-profit or charitable sectors, local and national governments, and international organizations.

 

Some firms that have a recovery audit process in place designed to recover spend leakage, ranging from errors, waste, fraud, and non-compliance are so 20th century. Forward thinking CFO operations use the power of AI to keep the disbursement from never leaving the organization in the first place.

 

An AI platform will automatically review and assess the relative risk of every vendor change, purchase order, receiving report, invoice and disbursement in the procure to pay business process. The finance team will be presented with high-risk adds, changes and approvals for manual review.

 

An effective set of AI powered analytics on top of your existing rule-based controls makes it possible to reduce spending by two or three times want you get by old style recover audits.

This timely, CPE training seminar is designed for the CFO, controller, accountant or internal audit director who wants to approach improving the procure to payment function and reducing spend leak.

 

This internal control training course will provide each attendee with 2 CPE Event Hours (YB). A certificate of completion will be provided.

  • Details on Event Presentation

    Offered every six weeks on Thursdays at 10:00 a.m. to 12:00 p.m. Central Time in two CPE-Credit event.

    We can schedule private events on your timetable for two or more attendees.

    NASBA Program Disclosures

    Program Level of Understanding: Basic
    Prerequisites: None
    Advance Preparation: None
    Delivery Format: Group Internet Based
    NASBA Field(s) of Study: Auditing
    CPE Credits: 2, based on 50 minutes of instruction per hour

  • CPE Event Highlights

    Look at how world class procurement organizations pursue a broader organizational agenda and leverage their organization to do some things significantly better than those in the middle of the industry average.

    Recent studies have found that world class companies can have well over three quarters of their spending under management and ultimately deliver nearly ten percent cost savings as a percentage of overall spending.

    This seminar is focused on procure to pay business process improvement to drive costs down and enhance the investigation of procure to payment issues.

  • Learning Objectives

    • Understanding the Landscape of Fraud in Procure to Pay
    • Challenges and Limitations of Traditional Detection Methods
    • Exploring the Role of AI in Fraud Detection
    • Real-World Case Studies and Examples
    • Ethical Considerations in AI-Powered Fraud Detection
    • Implementation Strategies for AI-Powered Solutions
    • Regulatory Compliance and Transparency
    • Future Trends and Advancements
  • Key Issues on the Agenda

    Section 1 - The Procure ot Payment Process

    • Procure to Pay Improvement Concepts

    • Three Line of Defense Model

    • Best Practices

    • Operational Process Maturity

    Section 2 - What is Artificial Intelligence

    • Moore's Law effect

    • Things to Consider

    • Fundamental Concepts of AI

    Section 3 - Using Artifical entelligance in Procure to Pay

    • Case Studies

    • Vendor Master File Administration

    • Soundex Algorithm Usage

    • Purchase Order Algorithms

    • Receiving Report Algorithms

    • Invoice Algorithms

    Section 4 - Going Forward

     

  • Summary of the Subject Matter

    This CPE event on Detecting Fraud Using AI in Procure to Pay offers a comprehensive exploration of leveraging artificial intelligence (AI) to enhance fraud detection and prevention within the procure-to-pay process.

    Attendees can expect an insightful analysis of the application of AI technologies in identifying irregularities, anomalies, and potential fraudulent activities throughout the procurement and payment workflows.

    This session delves into the strategic integration of AI-powered tools and algorithms to augment traditional fraud detection methods, providing attendees with practical insights into optimizing their fraud risk management strategies.

    Through a deep dive into real-world case studies and best practices, participants will gain a nuanced understanding of how AI can be harnessed to fortify the integrity and security of procure-to-pay processes, ultimately equipping them with the knowledge to combat fraud effectively using cutting-edge technological solutions.

  • Authoritative Sources

    It's essential to continue expanding your knowledge after attending the CPE event on Detecting Fraud Using AI in Procure to Pay by exploring authoritative sources in the field. These sources provide valuable insights and in-depth content to further enhance your understanding of leveraging AI for fraud detection within procure-to-pay processes:

    • Association of Certified Fraud Examiners (ACFE)
      • The ACFE is a trusted resource for in-depth information on fraud detection, offering research, publications, and educational resources that delve into the latest advancements in fraud prevention techniques and technologies.
    • Deloitte Insights on AI and Fraud Detection
      • Deloitte provides insightful articles and reports on the intersection of artificial intelligence and forensic fraud detection, offering practical guidance and thought leadership to enhance fraud risk management practices.
    • Procurement Leaders - AI in Procurement and Fraud Prevention
      • Procurement Leaders offers valuable perspectives on the role of AI in procurement and its potential impact on fraud prevention, providing industry-specific insights to help attendees stay ahead of emerging trends and best practices.

    By exploring these authoritative sources, you can deepen your expertise, gain a comprehensive understanding of AI-driven fraud detection strategies, and stay informed about the latest developments in leveraging technology to combat fraud within procure-to-pay processes.

$140.00Price
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