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Controlling Purchasing Card Risk

Mitigate risk and assess the fraud potential of payment cards with a complete look at strategy, policy and procedures. A purchasing card program is a best practice that has wide adoption, but may be seen as a siloed, Procurement or Accounts Payable Dept. initiative, with unawareness of how it fits into the organizational supply chain strategy. It’s susceptible to misuse and fraud, inadequate oversight and control, and has risk for financial loss, enormous reputational damage, and underperformance of business objectives. This audio and manual focuses on helping program champions, managers, administrators and staff, to effectively assess risk and establish needed internal control measures. This is essential as even small missteps in purchasing card programs can have irreparable reputational impact. It will also help program management to identify information that better informs risk management activities and communicates program results.
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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview
P Card Program
  • Where Does the Card Program Fit Into Your Organization Strategy and Goals?
  • Adapting Policies and Procedures That Align With Company Strategy
Risk Assessment
  • Payment Landscape
  • Transactions More Prone to Risk (incl. Cybercrime)
  • Types of Risk - Reputational, Fraud, Misuse - Red Flags
Internal Control and Governance
  • Preventive Controls
    • Policies and Procedures/Training
    • Cardholder
    • Spending
    • Transaction
    • Supplier/Merchant Controls
  • Detective Controls
    • Reconciliation, Review, Audit and Data Analytics: Continuous Monitoring and Analytical Auditing
Reporting Best Practices
  • Communicating With Management and Constituencies
  • Meaningful Metrics and KPI's
Questions and Answers
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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Audio & Reference Manual

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MP3 Download

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Why Lorman?

Over 29 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Alan J. Goldberg

Alan J. Goldberg

Triplet Advisory Services

  • Principal, Triplet Advisory Services
  • Certified Internal Auditor (CIA), Certification in Risk Management Assurance (CRMA)
  • Internal audit and consulting professional serving diverse industry clients in risk assessment, internal control evaluation, design and effectiveness, policy documentation, business process improvement and advisory; strong working capital area focus - P Card, purchase to payment, supply chain; professional services experience includes KPMG LLP Advisory Services, BDO Seidman LLP Risk Advisory and peer, risk advisory firms
  • Purchasing card consulting and audit; assisted numerous clients in assessing, planning, RFP, card provider evaluation, deploying and auditing card programs
  • Presenter: “Managing Fraud Risk: The Real Fraud Flatfoots”, 2013 Risk Summit; Speaker “The Auditors Perspective” to conference of higher education purchasing card administrators
  • Wrote: NAPCP TransAct newsletter - Risk & Audit; “The Imperative of Spending Analytics for a Purchasing Card program” - National Association of Purchasing Card Professionals (NAPCP) educational repository; occupational fraud articles, Volunteers Insurance Services Organization, Inc. Connections newsletter, and for the Non Profit Quarterly (NPQ) journal; also publishes on own website Triplet Advisory Services
  • M.B.A. degree, Sawyer School of Business, Suffolk University; B.A. degree, Northeastern University
  • Member, National Association of Purchasing Card Professionals (NAPCP), Institute of Internal Auditors - IIA
  • Can be contacted at 508-878-5570, [email protected] or on Twitter® @alan_j_goldberg
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