How Life Sciences Firms Can Combat T&E Fraud and Noncompliance

A SAP Concur blog post, citing the ACFE 2016 Global Fraud Study, notes that the median loss from occupational fraud is $150,000, 23.2% of cases cause losses of $1 million or more, and the typical organization loses 5% of annual revenue to fraud. It argues life sciences firms are especially vulnerable due to complex regulation and fragmented global spend data, and recommends corporate card auto-import, pre-approval, third-party audits and disciplined data entry to strengthen T&E controls.