All responses are completely anonymous. Results are sent to major financial media around the world. Participate each month, make your voice heard, and help us educate the market.

June’s Quick Question Results

What is the greatest leakage point in the revenue chain?

In June, you identified Accounts Receivables & Collections as the greatest point of revenue leakage. When asked why, one telling response was:

Many customers’ credit details are not linked from the accounts departments to the operations and sales. Therefore the customers keep placing orders and outstanding sales are not converted into cash. This creates a longer cash conversion cycle and even leads to overtrading. Working hand in hand to control credit especially in times of economic difficulty is capital to ensure continuous liquidity to the company.

Having your disparate financial and operating systems talk to each other is often difficult and expensive. A continuous controls monitoring solution can alert management to late order fulfillment and collections.

May’s Quick Question Results

Does your organization use recovery auditors?

The survey results show that many organizations are using recovery auditors for a variety of reasons. While the leading recovery audit area is general accounts payable transactions, there certainly appear to be some very specialized areas too such as sales & use tax recovery, utility/telecomm bills and freight transactions. Have you considered how using Continuous Control Monitoring – Transactions might help you either reduce your recovery audit service costs or routinely perform your own recovery audits at a lower cost?  Ask us how.

April’s Quick Question Results

Are you familiar with your company’s FCPA compliance monitoring program?

You responded: Yes, I am familiar with my company’s FCPA compliance program.

63% Yes, I am familiar with my company’s FCPA compliance program.		37% No, I am not familiar with my company’s FCPA compliance program.

March’s Quick Question Results

What do you think is the most common justification for stealing from an employer?

You responded: Heck, I'm underpaid.

42.2% Heck, I'm underpaid. I deserve this.		25.3% Pshaw, no one will even notice.		15.7% C'mon, everybody does it.		14.5% Dang it! They've treated me unfairly. They deserve it.		2.4% Aw, my boss / department head won't mind.

Some of the comments you wrote to us:

“All of these rationalizations overlap, but the feeling of being put upon and desire to ‘get even’ probably is the most common.”

“Some of the staff or operations level employees rationalized stealing pens, company time, or slightly increasing some costs for reimbursement because they felt everybody was doing it.”

“The company can afford it and won’t even miss this little bit. Heck, they spend more on an executive lunch.”

February’s Quick Question Results

In my company, anti-fraud measures are well documented and serve as a deterrent.

You responded: True.

36% True		32% False		32% Currently in Process

Note:

64% of you would like to have more confidence in your fraud detection systems. For guidance on implementing effective anti-fraud measures, watch the webcast Best Practices for Automating Fraud Prevention.