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Fraud Hazards in the Procurement and Contracting Process
- Basic Steps in the Procurement Process
- Procurement Policies and Procedures
- Conflict of Interest Policy
- The various Procurement and Contract Fraud Hazards and what step in the procurement chain they occur
- Fraud Hazards in the Requirement Step
- Conflict of Interest
- Bribery, Kickbacks
- Fraud Hazards in the Section Step
- Bid Manipulation
- Sole Source Awards
- Fraud Hazards in the Post Award Step
- Change Order Fraud
- Phantom Employees and Equipment
- Failure to meet Contract Specifications
- Product Substitution
- Fraud Hazards in the Payment Step
- False, Inflated, or duplicate invoices
- Collusion, Bribes, Kickbacks, Illegal, or Unauthorized Gratuities
- Three Cases Studies involving Conflict of Interest, Bribery, and Kickbacks
- Preventing and Detecting Procurement and Contract Fraud
- Preliminary Steps
- Pre-Award
- Post Award
- Conducting Procurement and Contract Fraud Investigations
Overview of the webinar
Every business that purchases and contracts for goods or services is vulnerable to a wide variety of fraud hazards. Many of the fraud schemes involve vendors and contractors in collusion with employees responsible for making purchases and administrating contracts, as well as with the employee who requests the purchase of goods or services. Other fraud hazards involve solicited and bidding contractors in collusion with each other. Most procurement frauds go undetected due to the off the books nature of the fraud. The ACFE suggests that organizations lose as much as 5% of revenue to fraud.
Government Agencies have armies of investigators and auditors whose mission is to prevent and detect procurement and contract fraud. Small, medium and even large businesses are often not equipped to combat this prevalent vulnerability. The first step is awareness of the hazard.
This session will explore the various procurement and contract fraud hazards and schemes that plague most business and what step in the procurement chain they occur. The webinar will also discuss the strategies an organization can employ to prevent and detect fraud. In addition, the webinar will explore how to conduct a procurement and contract fraud investigation when an allegation is received.
Who should attend?
- Investigators
- Auditors
- Procurement/Materials Management Personnel
- Finance Officer
- CFOs
- Fraud Examiners
Why should you attend?
If your company purchases and contracts with vendors for materials, goods or services, your company is at risk of being a victim of fraud. Procurement and Contract Fraud is usually off the books and difficult to detect and investigate. You should attend this webinar to gain an understanding and awareness of the procurement fraud hazards that affect every business or organization that purchases materials. In addition, the attendees will learn prevention and detection strategies that will save the organization from extensive losses. Also, the attendees will learn proven best practices investigative strategies when an allegation is received.
Faculty - Mr.John E. Grimes
John E. Grimes III has over 45 years of progressive law enforcement, criminal investigation, fraud examination, loss prevention, leadership, and teaching experience. He began his career with the Baltimore City Police Department where he became a detective in the Criminal Investigation Division (CID). He left Baltimore and became a special agent with the newly created Amtrak Police Department Fraud and Organized Crime Unit. He was then promoted to captain of the CID. In 1993, Mr. Grimes joined the Amtrak Office of Inspector General/Office of Investigations. He was appointed chief inspector in 1999 and retired from service in 2011. Since his retirement, his efforts have focused on education, training, and mentoring. He is an adjunct instructor at Stevenson University teaching graduate level courses in forensic interviewing and fraud examination. He is an advisory committee member for the Center for Forensic Excellence at Stevenson University. He is also on the Stevenson University Forensic Advisory Board.
In addition, Mr. Grimes is the proprietor of Fraud and Loss Prevention Solutions. He developed and taught an introductory loss prevention course for Blue Ridge CC in NC. Additionally, he has been a speaker, presenter, and trainer at many ACFE events, as well as government, private, and professional organizations.
Mr. Grimes is the immediate past president of the Maryland Chapter-ACFE. During his term as president, the Maryland Chapter was the honored recipient of the 2015 ACFE Chapter of the Year Award. He has been a Certified Fraud Examiner since 1997. He is also recognized as a Certified Forensic Interviewer by the Center for Interview Standards and Assessments, Ltd. Mr. Grimes is a member of the Reid Institute and the Loss Prevention Foundation. He was a former staff officer with the United States Coast Guard Auxiliary where he was recognized as an instructor specialist and a marine safety and environmental protection specialist.