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Improper Payment Reduction — Federal |
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Improper Payment Reduction — Corporate |
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Risk Management |
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Internal Audit |
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SOX Compliance |
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Fraud Investigations |
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ERP Implementation |
Add $2M for every $1B spent!! This is a managed service that provides spectacular results because it protects cash flow, profits and business reputation, while fortifying SOX compliance and lowering internal self assessment costs. The most compelling of Specktrum's service offerings ensures accurate and timely disbursements to six sigma levels by detecting fraud, errors and omissions real time!
Specktrum's proprietary version of continuous auditing includes forensics and is designed to capture low percentage error rates impacting payroll and payables in high transactional volume environments including Hire to Retire and Procure to Pay. This is Specktrum's most exciting and differentiated service offering because of the significant impact it has on cash flow and profitability for companies with spend over $3B And if that isn't enough, this program will improve a firm's internal control fabric while reducing the costs of SOX compliance.
This unique methodology had a $350M impact to the Income Statement and Balance sheet over a 4 year period for two Fortune 200 firms from 2004-2007. $272M of these documented corrections detected by this program consisted of either averted or recovered overpayments. Averted fraud, errors and omissions represented 80% of all corrections identified by this program. Thanks to this unique approach, these two firms had full use of over $272M over this period, instead of having to try and recover over payments in arrears and pay 20-25% for the privilege.
The key to this unique practice is that fraud, errors and omissions are prevented, as opposed to recovered in arrears, or not at all, resulting in protected cash flow and profitability. The underlying long term value is how these results impact business relationships with revenue producers and suppliers most notably. By identifying and correcting real time transactions that could result in a lack of timely or complete payment to sales representatives, suppliers and employees, Profit-Protect is providing an intangible long term impact of protecting a company's brand and reputation.
Since even the most evolved Shared Service, Hire to Retire and Procure to Pay operations have low percentage error and omission rates that may be below guidance for thresholds of materiality but have a significant and justifiable dollar impact due to the volume; this proprietary multi-discliplined approach which includes forensics that support corrective detections, can be employed in a relatively short time frame to capture defects, live, which based on Specktrum's expoerientail correction rate can have a cash flow impact of $10M for a $5B company.
Companies who take on Specktrum's Profit-Protect can boast of improved cash flows, profitability, SOX compliance, vendor pricing and terms, sales and back office productivity, employee retention levels, customer satisfaction ratings of employees and external sales channels, as by products of approaching 6 sigma levels of transactional excellence.
Learn more about Profit-Protect by reading our white paper on the topic of using Continuous Auditing for Six Sigma levels of Disbursement Assurance. Examine the compelling evidence that exists for adopting a detective program that utilizes continuous and forensic methods when your annual expenditures are > $5B. The return can be $5M to $15M.