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Procurement Cards: Overcoming Risk to Create an Effective Program

Mitigate risk and assess the fraud potential of payment cards with a complete look at strategy, policy and procedures.

Most organizations recognize that a large number of check payments made for low value items to a large number of suppliers is a costly and inefficient process. The transactional, or processing cost, of using a traditional procure-to-pay process, often requiring a requisition, purchase order, invoice and check payment is costly and inefficient. Many times, the cost to process small dollar purchases can exceed the value of the item being purchased. In an effort to create a more efficient process, many organizations have switched from these traditional methods to a purchasing card system and have seen savings ranging from 55% to 80% in processing cost. Purchasing Cards provide a means for streamlining the procure-to-pay process, allowing organizations to procure goods in a timely manner, reduce transaction cost, track expenses, take advantage of supplier discounts, reduce or eliminate petty cash payments and gain general overall resource efficiencies. A Purchasing Card (P-Card) is a type of commercial card that allows organizations to take advantage of the existing credit card infrastructure to make electronic payments for a variety of business expenses. A successful Purchasing Card Program starts with thorough planning long before the program is implemented. This topic will provide you with vital information that will illustrate the anticipated savings, risk and mitigating controls and resources needed to make the business case for initiating or growing a viable Purchasing Card Program.

Runtime: 86 minutes
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Why Lorman?

Over 31 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

Types of Business Credit Card Programs

Why Use Purchasing Cards?/Benefits

Determining How Cards Fit Into Your Overall Procurement Strategy

Challenges Associated With Cards

Separating Fears From Valid Risks

Real Cases of Procurement Card Fraud/Lessons Learned

Understanding the Fraud Triangle

Understanding How to Create Effective Controls

Components of a Bullet-Proof Card Program

How to Identify High Risk Transactions

Auditing Techniques

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More Program Information

Why Lorman?

Over 31 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

OnDemand Webinar

This course was last revised on August 14, 2018.

Call 1-866-352-9540 for further credit information.

  • ISM 1.25
     
  • Participants who successfully complete this program will receive 1.25 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 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

Larry Hammond, Sr.

Larry Hammond, Sr.

V1H Consulting

  • Principal with V1H Consulting
  • Through his workshops, strategy sessions and keynote addresses, he focuses on helping organizations that are stuck in the way it has always been done, thinking without ever achieving true satisfaction, to transform
  • By producing an organizational culture that creates a contagious leadership environment, he helps them to achieve maximum performance, increase employee retention, and heightened employee engagement
  • More than 20 years of senior leadership, coaching, training and development experience
  • Mentor in Business, Marketing, Sales, Human Resources, Entrepreneurship and Leadership in public agencies and community organizations
  • Facilitated management and employee feedback sessions
  • Coaches leaders and managers in public and private industry around team building and culture development
  • Developed, delivered and evaluated a variety of training seminars, including, Customer Service, Change Management, Strategic Planning Leadership Development and Public Speaking
  • Provided leadership training to Leadership Pasadena, a leadership program that empowers, inspires and connects leaders who strengthen a diverse community
  • Designed, developed and delivered management and leadership programs for managers in the public, private and nonprofit sectors that helped clients improve employee and organizational performance
  • Certified in Managing Organizational Change (MOC)
  • 34 Strong Certified Strengths Coach
  • Masterís degree in public administration, The Tseng College -Graduate, International, at California State University, Northridge; B.S. degree, Clark Atlanta University, Atlanta, GA; also completed graduate courses in public administration from Catholic University, Washington, D.C. and in information technology, University of the District of Columbia
  • Can be contacted at 626-379-4108 or [email protected]
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Why Lorman?

Over 31 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.

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Product ID: 401887
Published 2018
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