Fraud Investigation Reveals Need for Vendor Risk Management

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Fraud Investigation Reveals Need for Vendor Risk Management

Client Overview

A large construction firm.

Deployed Capabilities

Regulatory & Compliance
Transformation

$6M Cost Recovery

Significant cost recovery through detailed fraud investigation.

Fraud Controls

Enhanced processes for invoice verification and payment approvals.

Employee Training

Staff trained to identify and prevent fraud, ensuring long-term protection.

The
Challenge

Our client required a construction project review, which, as commonly happens with construction, turned into a fraud investigation, uncovering issues that jeopardized financial health and project success.

The
Custom 
Solution

Sirius Solutions partnered with our client to address widespread fraud within their operations. Issues included duplicate payments, falsified timesheets, and unsupported invoices, jeopardizing financial health and project success. These challenges created an urgent need to uncover fraudulent activities, recover lost funds, and implement measures to prevent future occurrences.

The
Impactful
Results

As a result of our intervention, our client uncovered $10 million in fraudulent activities, including duplicate payments and fabricated work hours. Sirius Solutions helped our client recover $6 million and implemented robust internal controls, such as enhanced invoice verification, automated payment approvals, and rigorous vendor onboarding procedures. Employees were trained to detect and respond to fraud risks, fostering a culture of vigilance.

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