Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .




BSI, the business standards company, has published BS 10501 Guide to implementing procurement fraud controls to raise awareness of the critical issue of procurement fraud. The standard was developed by a committee of experts which included CIPS (Chartered Institute of Purchasing & Supply).

A recent survey from CIPS showed that 9.3% of businesses had suffered at least one incident of procurement fraud in the last year. Alarmingly, the National Fraud Authority survey of 2012 estimated around £2.4bn losses to the UK public sector in 2011 – almost 1% of the government’s entire procurement budget.

procurement - Global Banking | FinanceWith such huge implications for cost and reputation, businesses of all types and sizes are now under scrutiny, and this is not just a matter for the private sector. As the National Fraud Authority’s survey showed, the public and third sectors also need to be vigilant. Research showed that a standard offering guidance on specific measures to help address multiple procurement fraud risks, was needed.

Andrew Coulcher, Director of Business Solutions at CIPS said: “Unlike fraud and bribery, procurement fraud requires different controls which are very specific. With that in mind we wanted to create an overarching piece of guidance that would help organizations from a very top level.”

BS 10501 will benefit  legal, compliance, procurement and supply chain professionals in the banking, insurance, pharmaceutical, retail, energy, defence and security industries as well as universities and the NHS.

Paul Guile Head of CIPS Global Procurement Fraud Advisory Services said: “This is a growing problem which requires board level acceptance to stop organizations from being vulnerable. It is as much about educating from the top downwards so that all staff know what procurement fraud is, and how it can be avoided.”

The BSI committee that developed BS 10501 included representatives from the City of London Police, Institute of Business Ethics, Institute of Counter Fraud Specialists, Serious Fraud Office, Centre for Fraud and Financial Crime, University of Teesside and CIPS.

Some of the benefits of BS 10501 include:

  • Guidance on mitigating and managing procurement fraud risks
  • Explanation of the scope and implementation of procurement fraud controls
  • Coverage of security aspects, including information and physical security, tracing, vetting, and supply chain security
  • Demonstration of how segregation of processes will help manage procurement fraud risks
  • Detailed guidance on procurement methods, and processes
  • Explanation of the importance of framework agreements

Anne Hayes, Head of Market Development for Governance and Risk at BSI said: “Being aware of what is happening in a business’s supply chain is a vital way to ensure that it is protected at all times from issues such as procurement fraud. A standard such as BS 10501 can equip businesses with the best tools to protect themselves and their reputations. Having guidance on managing these risks could be invaluable.”

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post