{"id":309,"date":"2011-11-29T14:06:02","date_gmt":"2011-11-29T14:06:02","guid":{"rendered":"https:\/\/www.peeriosity.com\/shared-services\/articles\/?p=309"},"modified":"2022-04-15T00:11:57","modified_gmt":"2022-04-15T00:11:57","slug":"control-structures-for-the-purchase-to-pay-process","status":"publish","type":"post","link":"https:\/\/www.peeriosity.com\/shared-services\/articles\/2011\/11\/control-structures-for-the-purchase-to-pay-process\/","title":{"rendered":"Control Structures for the Purchase-to-Pay Process"},"content":{"rendered":"

As more and more organizations innovate and streamline their Purchase-to-Pay (\u201cP2P\u201d) processes<\/a> and rely on new processes, job roles, and technologies, similar advancements are required within the related control structures.<\/p>\n

On a recent webcast in the Peeriosity <\/a>Accounts Payable research area<\/a>, the topic of control monitoring and fraud prevention was discussed. As part of the webcast, participants responded to a poll in regards to implementing technology to continuously monitor transactions taking place within their companies’ P2P processes, as well as technology to identify possible fraudulent activity within P2P. The poll results indicate that this is an area that many have an interest in, but few have actually implemented. As the results below show, less than 20% have implemented it, between 30 and 40% are evaluating or considering it, and close to 50% are not considering or are not yet familiar with the technology.<\/p>\n

The results indicate that there is a large opportunity to enhance controls in the P2P processes through the use of technology to monitor and report on activity:<\/p>\n

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Our feature company for the webcast has an advanced P2P process<\/a> that includes a global center with process owners, as well as regional Shared Services centers that execute a standard process and support designated countries. The global center houses a team accountable for, among other things, P2P global policy<\/a> and controls as part of the Shared Services organization.<\/p>\n

One of their objectives is to develop a control model that includes a structured set of elements to manage risk. Similar to most controls structures there is a process to assess, identify, and mitigate risk, as well as an ongoing evaluation of controls. The key of the discussion was how to monitor the execution. In this regard, our feature company views control in two categories: Monitoring and Forensics.<\/p>\n

Monitoring entails real-time controls that include:<\/p>\n