Executive Briefings

You Have a Contract, But That Doesn't Necessarily protect You from Procurement Fraud

The nationalization and globalization of supply chains have left them more vulnerable to various forms of risk, especially those related to procurement fraud. Unfortunately, too many organizations have equated a contract with compliance. In those cases, organizations have found themselves in the unenviable position of dealing with product recalls and liabilities from consumer injuries due to lapses in the procurement process. As supply chains stretch further beyond immediate reach, organizations must avoid taking a laissez-faire attitude toward ensuring consistent quality throughout. While U.S. companies may look to point fingers across the oceans, it is fair to say that we are to blame for our own complacency and the problems it has caused.

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The nationalization and globalization of supply chains have left them more vulnerable to various forms of risk, especially those related to procurement fraud. Unfortunately, too many organizations have equated a contract with compliance. In those cases, organizations have found themselves in the unenviable position of dealing with product recalls and liabilities from consumer injuries due to lapses in the procurement process. As supply chains stretch further beyond immediate reach, organizations must avoid taking a laissez-faire attitude toward ensuring consistent quality throughout. While U.S. companies may look to point fingers across the oceans, it is fair to say that we are to blame for our own complacency and the problems it has caused.

Read Full Article