Analytics and Continuous Monitoring to Manage Purchasing Cards
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Are you responsible for have purchase card (p-card) program? If yes, this presentation discusses potential areas of abuse, misuse or fraud.
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Analytics and Continuous Monitoring to Manage Purchasing Cards
- 1. ANALYTICS & CONTINUOUS MONITORING TO MANAGE PURCHASING CARDS P-CARD SOLUTION
- 2. AGENDA Risks and controls management Case study for analyzing p-card data Design thinking process
- 3. RISKS AND CONTROLS Stakeholder Communication Identify Measure Mitigate Monitor Create Value Manage Expectations
- 4. RISK MANAGEMENT PROCESS Understanding Controls Identify and Assess Risk Responding to Risks Evaluate and Report
- 5. ENGAGEMENT PROCESS Communicate with Business Gather Data Scope Audit Engagement Understand Data Story
- 6. CASE STUDY
- 7. CITY P-CARD DATA USED 162,495 Unique Transactions $31.8 Million Total Spend 163,386 Transactions Duplicate Transactions Blank Purpose Transactions Holiday Purchases 2011 – 2014 High Level Data Analytic Tests Run
- 8. TEST DUPLICATE TRANSACTIONS $ Merchant Name Division Transaction Amount Transaction Date Post Date 1 Same merchant name, division, transaction amount, transaction date and post date
- 9. TEST DUPLICATE TRANSACTIONS $ Merchant Name Division Transaction Amount Transaction Date Post Date 1 Same merchant name, division, transaction amount and transaction date. Different post date. $2
- 10. TEST DUPLICATE TRANSACTIONS $ Merchant Name Division Transaction Amount Transaction Date Post Date 1 Same merchant name, division, transaction amount and post date. Different transaction date. $2 $3
- 11. RESULTS: DUPLICATE TRANSACTIONS 10,471 Duplicates identified $1,661,329.23 Spent Potential loss of $830,664.61
- 12. TOP DEPARTMENTS FOR DUPLICATES Division Number of Transactions Transaction Amount Summary Legal Services 5716 104705.46 Parks, Forestry & Recreation 1413 410383.73 Emergency Medical Services 474 94635.20 Water 441 87263,53 Technical services 358 3715.00 Economic development & culture 333 80193.81 Public health 251 44998.34 Fleet services 225 520765.70 Engineering & construction services 225 4528.00 Fire services 196 58775.05 By Division and Number of Transactions
- 13. ACTION: Look at the duplicate transactions and determine reasons for duplication.
- 14. RESULTS: NO DESCRIPTION TRANSACTIONS 2011 – 2014 7% Unique transactions with no description 54% Unique transactions with no description by Parks and Recreation
- 15. TOP DEPTS. WITH NO DESCRIPTION Division Number of Transactions Parks, Forestry & Recreation 6415 Legal services 2934 Technical services 844 Water 342 Solid Waste management 211 Transportation services 155 Emergency medical services 138 Public Health 134 Shelter, support & Housing Admin 75
- 16. ACTION: Look at the reporting process and why the top departments don’t include a description in their transactions.
- 17. RESULTS: HOLIDAY PURCHASES Canadian Statutory Holidays 49,938 Transactions in 2014 76 Holiday transactions Totaling $12,621.73
- 18. TOP DEPTS. WITH HOLIDAY PURCHASES Division Number of Transactions Transaction amount Parks, Forestry & Recreation 23 4268.12 Economic development & culture 21 2872.50 Solid waste management 2 1621.55 Facilities management 5 1558.14 Long term care homes 4 1014.29 Public health 6 346.92 Fire services 5 296.03 Water 1 248.60 Emergency medical services 2 136.96 Information & technology 1 127.34
- 19. ACTION: Review transactions on holidays and determine if they are valid.
- 20. A DESIGN THINKING PROCESS Design Thinking Define Prototype IdeateTest Empathize
- 21. A DESIGN THINKING PROCESS Design Thinking Define Prototype IdeateTest Empathize Learn about the business
- 22. A DESIGN THINKING PROCESS Design Thinking Define Prototype IdeateTest Empathize Focus your analytics and actions based on insights
- 23. A DESIGN THINKING PROCESS Design Thinking Define Prototype IdeateTest Empathize Brainstorm creative solutions. Identify gaps
- 24. A DESIGN THINKING PROCESS Design Thinking Define Prototype IdeateTest Empathize Build an automated analytic model, company wide
- 25. A DESIGN THINKING PROCESS Design Thinking Define Prototype IdeateTest Empathize Return to the business for feedback on results
- 27. DATA DISCOVERY Ability to view overall program performance, spending, root causes, exceptions
- 28. DATA DISCOVERY Filter misuse, spend and exceptions, root causes
- 29. DATA DISCOVERY Employee views to review top abusers and investigate patterns of misuse
- 30. ROOT CAUSE DISCOVERY Significant spike Spike in exception amount along with the increase in number of cards Top exceptions Employees in Marketing Employee dashboard High amounts of personal purchases at hotels and restaurants Identifying root causes allows companies to recoup amounts owed and address control weaknesses
- 31. CONTINUOUS MONITORING Risk based analytics, frequency, report on anomalies, visualize source, automated remediation, business improvement. Continuous monitoring
- 33. ANALYTICS & CONTINUOUS MONITORING TO MANAGE PURCHASING CARDS P-CARD SOLUTION Visit casewareanalytics.com Email connect@caseware.com