Company insight
The Fiscal approach builds continual risk monitoring with its clients, allowing them to augment existing systems.
and ill-defined area, but there’s no doubt that it’s an emerging threat around compliance and risk. So it’s not surprising that our customers are now demanding more monitoring around that.”
In practice, that might involve identifying sanctioned entities, or those that have scored poorly on other practices such as environmental compliance or waste. Sanctions are an excellent example here. The recent outbreak of war in Ukraine has led to the introduction of a wide raft of sanctions against Russian businesses and individuals. And while it is a dynamic situation, it is fair to say that any business with exposure to Russian partners will need to pay close attention to their risk for the foreseeable future. Currently, sanction lists are updated every day, but just 9% of organisations conduct monthly checks on whether suppliers have been sanctioned. A reliance on one-off sanction checks during new supplier onboarding does not provide adequate protection – anything less than daily checks introduces a risk of non- compliant supplier purchasing. “Businesses will want to know if sanctioned entities might be in their supply chain as well as who’s done something about that,” explains Cashen,
Finance Director Europe /
www.ns-businesshub.com
noting that understanding whether they have been paid since the sanction was applied is important too. “Essentially, buyers need information that can enable them to take remedial action if necessary,” Cashen adds. “And it needs to be in one place, clearly presented, and delivered in a timely way. They want it now, they want it to be accurate – and they want to know what to do about it.”
Quick wins Crucially, the Fiscal approach builds in continual risk monitoring, allowing it to augment existing systems. “It’s an easy, quick, fairly simple transfer from a standard ERP,” says Cashen. “It’s automated and it can be set up in 3–4 hours. And while some clients opt for a big bang approach, others are more iterative.” But while it may not be sexy, fraud prevention and loss detection is not seen as a business critical factor – but more as a cost burden. “The irony is that the amount you can save on the bottom line is remarkable,” says David Thorley, customer development director at Fiscal. “In fact, most customers typically find that it’s repaid its investment cost within 30 to 60 days.” Given all this, it is hard to understand why the continuous monitoring approach
has not become more widespread as a solution to the problem. But, as Cashen suggests, the customers that deploy this solution most effectively are those that recognise they have a problem in the first place. “We do sometimes see customers who may be too proud to admit that they could do better.”
“But organisations that are self-aware, open and forward thinking in this area – and keen to run their processes more efficiently – embrace it,” Cashen adds. “They have to acknowledge they can do better here. Because most companies can – and we can help them.”
Risk insight Fiscal Technologies was founded in 2003 on the belief that it could provide a single Procure-to-Pay (P2P) risk management solution from which great things can grow and scale.
Fiscal clients have a choice – seize the opportunity for change or be left behind. Its engineers have spent 17 years designing and building a dedicated P2P risk protection solution. The result is a comprehensive solution that proactively identifies risks and reduces costs. ●
www.fiscaltec.com 57
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