59% of respondents sampled by KPMG and the Ghana Institute of Procurement and Supply have indicated that their organisations do not have anonymous channels for reporting suspicious fraudulent activity.

Again, 49% of the respondents indicated that their organisations do not have policies to prevent and detect fraud.

The survey sampled 314 procurement practitioners in diverse business sectors.

It also indicated that 48% of respondents indicated that their organisations do not conduct fraud risk assessments.

Out of the 51% of respondents who stated that their organisations had policies, 11% said they were not aware of the details of the policies despite the existence of such policies.

On fraud risk assessment, the report said organisations that do not conduct fraud risk assessments are more susceptible to fraudulent activities. This it noted that without a proactive approach to identifying vulnerabilities, organizations may be unaware of potential risks.

To the question of whether procurement activities are monitored and reviewed regularly for compliance with policies and procedures, 81% of respondents reported that their organisations regularly monitor and review procurement activities to ensure compliance with policies and procedures.

Regarding vendor management, 72% of respondents indicated that their organisations have a formal vendor evaluation process in place.

Again regarding the question of whether their organisations have controls in place to prevent kickbacks or other forms of vendor-related fraud, 47% said their organsations do not have such controls in place.

The 2023 Procurement Enhancement Survey Report was an online survey.

Source: myjoyoline.com