2017 - Payment issues- how can companies minimize the risk of duplicate, fraudulent, and late payments?

OVERVIEW
Corporate interest in implementing automated solutions will not only streamline and optimize payment operations, but will also create new issues of risk of which management and staff remain unaware.
Organizations are continually striving to address inefficiencies in financial supply chain processes. These firms are exploring innovative ways to leverage automation not only to contain costs from a tactical perspective, but also strategically to enhance control, improve visibility and manage spend. This effort will reduce the process cycle time and thereby reduce working capital requirements. Accounts Payable Automation is emerging as one of the key components of this financial supply chain strategy.
WHY SHOULD YOU ATTEND
The payables landscape is being changed by emerging financial solutions that enable trading partners – buyers, suppliers, and banks – to seamlessly exchange transaction-related information as well as money. These changes have increased the inherent risk.
Financial Supply Chain Automation is gaining broad acceptance within accounts payable and accounts receivable managers. Web-based tools, best-of-breed systems, integrated supplier portals, and automated workflow applications are finally beginning to deliver on promises of process improvement and associated cost reduction. The by-product is a much improved process which offers real-time collaboration between buyers, suppliers, and banks. Managers need to be aware of the areas of risk that have emerged and may be undetected during this transition.
Since 2008/2009, the emphasis on cost containment and productivity enhancement has forced organizations to seek new ways to automate traditionally paper-based, labor-intensive AP processes. The realization that current payments processes are a roadblock to achieving these goals has been intensified by the need for improvements in data integrity and greater visibility as a result of Sarbanes-Oxley (SOX) and other corporate legislation.
The recession and need for further cost containment has led to targeting payments automation. The jury is still out on the potential for generating bottom-line improvements, but it may see a greater impact on monitoring and managing cash flow.
AREAS COVERED
• Configurable controls
• Manual controls
• General IT controls
• Detective reports
• Security
• Policies and procedures
• Supplier management
• Vendor management
• Summary
WHO WILL BENEFIT
• Accounts Payable Managers
• Payments professionals
• Operations managers
• Cash management product and sales staff
• Treasury managers
• Commercial bankers
• Corporate treasury professionals
• Payments network providers
• Payments processors
LEARNING OBJECTIVES
• Which controls are necessary
• Incentives or punishments?
• Infrastructure and governance
• Cost/benefit and decision process
• New payments technology and innovation
• Managing the risks
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