Procurement fraud: no longer just a perceived risk
Through the years, economic crimes rates have seen a steady increase globally with procurement fraud being the third most major contributor in Singapore. Procurement fraud is an important issue to tackle. Yet, it’s not something we hear about often in the media. This scant attention towards the issue makes it even harder to address. Regardless, organisations should not lose sight of the overarching principles of governance and risk management. Checks for integrity and transparency has to be set in place within the organisations.