The number and value of fraud payments that businesses have to detect and prevent as well as deal with are increasing. There are more sophisticated scams, payment frauds being developed daily. The University has also had to deal with more fraudulent payments in recent years, reflecting the global trends. By improving accounts payable governance the University can strengthen its controls against fraud in the face of an increasingly complex financial environment. Audit and Risk Committee are increasingly concerned about the level of risk that the University is subject to and the growing value of fraudulent payments.

The risks are increasing, Accounts Payable (AP) staff are now processing more payments than ever before and with fewer resources.

To support risk management procedures and reduce the level of risk associated with fraudulent payments being processed via the Accounts Payable team it is proposed a 3rd party software is introduced to review payments and provide exception reports for analysis.

JIRAs  FIN120-1 to FIN 120-4 are aligned to this project.