SAP Concur: Four Tips for Fraud and Compliance in Life Sciences
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For travel and expense managers in regulated industries, the post links compliance auditing, automated controls and potential penalty exposure, offering a reference for assessing audit investment and anti-fraud controls.
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- SAP Concur BlogSAP Concur: Four Tips for Fraud and Compliance in Life Sciences
A SAP Concur blog post offers four expense-compliance tips for the highly regulated life sciences industry: monitor and audit expense reports, use automated controls to catch errors and fight fraud, use accumulated data to drive policy changes, and move away from manual spend processes. It cites figures including almost 20% of travel and expense spending falling outside policy, 89% of fraud cases involving asset misappropriation, and 42% of respondents still spending about 76 hours or more per month auditing expense reports. It also notes civil monetary penalties of up to $1 million for failing to report Open Payments in a timely manner.