Fraud Halted by Improved Vendor Management Process

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Fraud Halted by Improved Vendor Management Process

Client Overview

A leading energy company.

Deployed Capabilities

Regulatory & Compliance
Transformation

$500K Fraud Stopped

Realized immediate financial protection through intervention.

Strengthened Workflows

Improved vendor approval and payment processes.

Enhanced Fraud Detection

Created employee vigilance and enhanced fraud detection skills across the workforce.

The
Challenge

When a vendor exploited payment processes to double-collect invoices, our client faced a critical financial threat. The incident exposed weaknesses in their vendor management process, including their onboarding and invoice approval workflows, highlighting the need for a comprehensive solution to protect against fraud.

The
Custom 
Solution

Sirius Solutions partnered with our client to investigate and address fraud concerns. By conducting a thorough fraud examination of their vendor management process, Sirius Solutions identified $500,000 in fraudulent payments and pinpointed the root causes of our client’s vulnerabilities. Collaboratively, we redesigned our client’s workflows to include stronger controls and trained employees to recognize and respond to potential fraud. Our client’s willingness to confront this challenge head-on demonstrated their commitment to transparency and financial integrity.

The
Impactful
Results

Our client’s proactive approach to fraud concerns not only halted $500,000 in fraudulent payments but also fortified their financial systems. Employees became more vigilant and confident in identifying fraud risks. Our client emerged from the investigation with better processes and the ability to prevent future incidents and protect their financial assets.

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