How Life Sciences Firms Can Combat T&E Fraud and Noncompliance
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T&E spend at life sciences firms is subject to rules such as the Sunshine Act, so expense fraud can trigger both financial loss and regulatory penalties; centralized spend data and automated auditing can help companies detect anomalies earlier.
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- SAP Concur BlogHow 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.