session description

Join this webinar for a comprehensive guide to implementing a vendor process audit, an internal assessment used to verify that team members are following documented procedures for vendor adds and changes. A vendor process audit acts as a layer of protection to ensure that required validations and controls are consistently applied to mitigate the risk of payment fraud and failed transactions. Participants will learn how to build an audit framework that uses desktop procedures as the benchmark for accuracy, ensuring that team members remain accountable to the organization's standards. 

Immediate Takeaways for Compliance:

• Define the Audit Scope for Adds and Changes: Establish a clear focus on verifying that team members follow every step of the documented process for new vendor setups and changes to existing vendor records. Identify a separate process for new hires.
• Identify Internal Candidates to Act As Auditors: Structure an audit team ensuring that no one edits their own work and that auditors do not have add/edit access to the Vendor Master File.
• Measure Adherence Against Desktop Procedures: Develop a methodology that uses desktop procedures as the "source of truth" to measure your target accuracy rate for each employee and the team.
• Use Audits to Identify Training Gaps and Process Flaws: Determine if team members need retraining on a specific step or if a documented step needs to be revised.
• Document the Audit Process: Create a formal desktop procedure for the Audit process.
• Demonstrate Compliance for External Stakeholders: Utilize the vendor process audit to provide evidence to insurance companies and regulatory bodies that the organization has an active, documented process for compliance and fraud detection.