Oversight Report Reveals the Impact of COVID-19 on Employee Spend & Risk
Summary
The second in a series of reports, the findings reveal an uptick in airline spend as well as heightened risk introduced by working and conducting business remotely. “As we continue to monitor for purchasing behavior changes, we’ve noticed a new best practice emerge – different teams within the finance function are collaborating to help steer their organization through this current crisis,” said Terrence McCrossan, CEO of Oversight. This new form of customer relations comes with the challenge of determining if these purchases are legitimate business expenses due to limited visibility into the intended recipient of gift cards or meal deliveries. “With proper education of policies, employees will be able to make more informed purchases within the appropriate channels.” For the full results and best practices for addressing spend risk, visit https://explore.oversight.com/spend-insights-may-2020. By identifying fraud, misuse and process breakdowns, Oversight reduces out-of-policy spending by 70% while maximizing audit efficiency and eliminating cash leakage.