How to Combat Fraud and Noncompliance in Life Science Organizations
This SAP Concur blog post highlights that life science organizations face occupational fraud and regulatory compliance risks. According to ACFE, median loss for occupational fraud is $150,000, with 23.2% of cases exceeding $1 million. Recommendations include corporate card programs, preapproval systems, third-party audits, and clear data entry requirements to build a 'digital trench'.
Impact and considerations
Life science companies need robust expense management to prevent fraud and meet complex regulatory requirements.
Key points
- Median loss for occupational fraud is $150,000; 23.2% of cases exceed $1 million.
- Life science industry faces complex regulations and global operations challenges.
- Asset misappropriation is the most common fraud, occurring in over 83% of cases.
- Recommend corporate card programs, preapproval systems, third-party audits.
- Require proper data entry with audit rules.
Sources and time
- Primary source
- SAP Concur
- Other sources
- 0
- First source publication
- 29 Jun 2022, 19:47
- Page published
- 15 Aug 2026, 08:28
- Last updated
- 29 Jun 2022, 19:47
- Original links
- SAP Concur Blog：How to combat fraud and noncompliance in your Life Science organization (opens in a new tab)Primary source · en · Published 29 Jun 2022, 19:47