Category Archives: Supply Chain Fraud

Best Practices in Private Label Sourcing

Fron eqos.com: “A new benchmark study conducted by Retail Systems Research (RSR), and sponsored by Eqos, entitled, ‘PLM Squared: Product Lifecycle Management Powers Private Label Merchandise’ reports on key industry trends that have affected private label programs during the past … Continue reading

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Disney Case Highlights China Supply Chain Pitfalls

From Reuters, by John Ruwitch: ” SHENZHEN, China (Reuters) – In his dim two-room flat, Huang Renzhong showed a visitor a Mickey Mouse statuette and explained how creating Disney figurines during 15-hour work days in a grim factory led to … Continue reading

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How Safe is Your Supply Chain?

From blog.europeanleaders.net: “Risk is the word on everyone’s lips at the present time, hardly surprising given recent events, but some companies it seems are sweating more heavily than others. Soaring oil prices, political and social unrest and the threat of … Continue reading

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Survey Shows 37% Not Prepared for Supply Chain Risks

From vunet.com: “A higher volume of enquiries from both CFOs and CEOs, asking how to manage the threats posed to their businesses from issues like terrorism and political unrest, landed on Aon’s desks last year, the firm says. Miles Johnstone, … Continue reading

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Summarizing Challenges Surrounding Supply Chain Fraud

SUMMARY Supply chain fraud can encompass the entire breadth and depth of an organization, and its impacts can have a ripple effect throughout both the internal and external supply chain. The techniques, methodologies, and tools to detect and reduce supply … Continue reading

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An Introduction to Supply Chain Fraud

INTRODUCTION Few terms resonate so deeply with business these days as do “supply chain” and “fraud”. Individually, these two terms are a reflection of the evolving business world around us: the supply chain is truly global in nature, and it … Continue reading

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Supply Chain Fraud and Sarbanes-Oxley

RELATIONSHIP TO SARBANES-OXLEY Documentation for Sarbanes-Oxley compliance requires the organization to look at risks, control activities, policies, procedures, etc. across all operations. This investigation becomes an introspective look at how the organization conducts business from the inside-out, the outside-in, and … Continue reading

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COSO – Sarbanes-Oxley and Supply Chain Fraud

COSO – SARBOX – SUPPLY CHAIN FRAUD The Committee Of Sponsoring Organizations (COSO) internal controls framework highlights the following 5 key components which are a useful guide for the detection and reduction of supply chain fraud. Control Environment, Risk Assessment, … Continue reading

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Definition of Supply Chain

DEFINITION: SUPPLY CHAIN I hesitate greatly to offer any definition of the supply chain, as there are likely so many better ones to be found. However, knowing that there are likely a wide variety of definitions available, I do feel … Continue reading

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Definition of Fraud

DEFINITION: FRAUD There may be fewer definitions of fraud available than those for the supply chain, but much like defining the supply chain, I feel that there are enough in existence such that adding one more for this purpose will … Continue reading

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Who’s Involved in Supply Chain Fraud?

WHO’S INVOLVED? Fraud, especially those related to the supply chain, will encompass internal, external, and mixed (internal and external) types of collusion scenarios. In brief: Internal fraud will be perpetrated solely within the organization, without the known involvement of an … Continue reading

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What Are the Causes of Supply Chain Fraud?

WHAT CAUSES FRAUD? There are many theories and psychological studies as to why a person commits fraud. Some of the different theories propose that fraud is committed due to: • The Western culture that emphasizes material goods in association with … Continue reading

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Where Does Supply Chain Fraud Happen?

WHERE IT HAPPENS With an understanding that the supply chain is both internal and external to an organization, supply chain fraud can occur at any link in the chain, for example: – Fixed Assets – Trigger Events – Purchase Orders … Continue reading

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Assessing the Impacts of Supply Chain Fraud

IMPACTS OF SUPPLY CHAIN FRAUD In the short-term, the impacts of supply chain fraud can include reduced cash-on-hand and lower profits. Small-time frauds may turn into big-time crimes. The more fraud is seen as being acceptable, and even profitable, by … Continue reading

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Methods of Detecting Supply Chain Fraud

SUPPLY CHAIN FRAUD DETECTION The detection of supply chain fraud encompasses a variety of techniques and methodologies, processes and procedures, and relies on the availability of accurate data in electronic form. It is no longer possible to sift through mountains … Continue reading

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Dreaded Shrinkage: Bottomless Pit or Grave?

SHRINKAGE: BOTTOMLESS PIT OR GRAVE? Many organizations just write off losses – especially raw materials and finished goods – to shrinkage: a general ledger bucket of seemingly endless depth and widespread use for all sorts of ills that may plague … Continue reading

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Importance of Internal Assessments Before SOX Audits

ASSESS BEFORE THE AUDIT Many organizations find themselves at odds with the findings of their auditors about the organization’s risk mitigation policies and procedures. The cause of the conflict is likely due to the fact that the auditor requires adherence … Continue reading

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Budgeting For the Repercussions of Supply Chain Fraud

ARE YOU BUDGETED FOR FRAUD REPERCUSSIONS? If your organization is not budgeting for fraud detection, prevention, and reduction, then you better be budgeting for fraud repercussions. In much the same way as supply chain fraud cuts across the operations of … Continue reading

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