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Why You Need Compliance and Fraud Protection in Order-to-Cash

23-04-2021 5 min read

It is difficult enough to precisely determine the credit risk a customer poses to your organization or the most effective collections strategy to turn your accounts receivable (AR) into cash, but how can you do this while also protecting the order-to-cash cycle from risks related to compliance, fraud and corruption?

Are your customers compliant?
Today onboarding a customer not only requires estimating their solvency. It requires rigorous background-checks and anomaly screenings to ensure the integrity of your business network and customer portfolio. Businesses need to check their customers against terrorist and embargo lists that ensure that they aren’t engaged in money laundering or have been identified as a PEP.

Is your accounts receivable prone to fraud?
However, risky customers are not the only threat to your business. You need to protect your accounts receivable from internal theft and fraud schemes as well. Due to the constant influx of cash, AR is prone to potential internal fraud. External threats such as data fraud and cybercrime can also put your business at risk. Common fraud attempts such as whaling and phishing are getting more and more elaborate and difficult to detect and prevent. Without the right checks and balances in place, intentional theft or misappropriation of company revenues can permanently damage your business.

The difficult quest for business integrity
To ensure business integrity in your order-to-cash processes, you need to protect yourself with compliant and fraud-resistant processes, standards and codes of conducts. True business integrity can only be achieved through a combination of improvements across the business, IT and company culture – something that many businesses aspire to but find difficult to maintain. However, in today’s business environment no organization can afford to neglect the risk of compliance, fraud and crime. 

You want to learn more? Read our whitepaper “Business Integrity in Order to Cash”

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