Fraud takes many forms in various industries. Having worked extensively in Telecommunications and Financial Services, many would agree that there is a significant element of internal risk: collusion and direct employee fraud. Also the effects of negligence, poor practice and human error will create fraud opportunities to be exploited by others.
Although Robotic Process Automation (RPA) is usually associated with efficiency and quality targets, there is also a big opportunity to reduce fraud risk. Taking the human factor out of the equation in key (at risk) processes such as payments processing, cash application, refunds and adjustments, credit notes, supplier master data management, tariff management etc. will inevitably reduce opportunity for fraud, direct or indirect.
In any RPA deployment, planning, design and solid implementation should be balanced with appropriate (not overly heavy) governance to ensure a cost-effective outcome that satisfies the need, maintaining or improving customer and stakeholder experience. To find out more about RPA strategy & Practice, see the RPA Insights guide here: https://www.assuringbusiness.com/guide-rpa-insights-strategy-and-practice/
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