Building trust in the vendor risk management ecosystem

Organisations’ procurement cycles are prone to fraud. Nearly a third of the respondents of the Deloitte India Corporate Fraud Perception Survey (Edition III, 2018), believe that procurement remains the most vulnerable to fraud risks. These risks, if not managed well, can have a disastrous impact on organisations’ reputation and financials. An increasing number of organisations use suppliers from various geographies with different complexities. This increases the likelihood of fraud and corruption in the procurement cycle and makes detection difficult.