A new standard helps organisations to prevent procurement fraud, BS 10501:2014 Guide to implementing procurement fraud controls.
Procurement fraud is a complex issue. It covers a wide range of illegal activities from bid rigging during the pre-contract award phase through to false invoicing in the post-contract award phase. A new standard helps organisations to prevent this type of fraud, BS 10501:2014 Guide to implementing procurement fraud controls.
The standard provides guidance on fraud control measures. It applies to procurement fraud, specifically fraud offences committed in the procurement life cycle.
Organisations of all types and sizes in all sectors can use the standard to:
- identify the risk of procurement fraud
- reduce procurement fraud
- actively manage related risks
- detect, report, and respond to allegations or suspicions
- monitor, review, and implement control measures.