While taking certain risks to grow a business is acceptable, a company should never take risks with its hard won cash….and yet so many do.
A major survey found that 33% of Kiwi and 57% of Australian businesses said they had suffered some form of financial loss due to fraud. As the cash of a company is its lifeblood it is paramount that boards and their management teams ensure that robust systems exist to minimise such risk.
It's therefore surprising that so few companies appear to have robust review and authorisation structures in place. This lack of sound process around payment management has been found to be the single biggest factor contributing to successful fraud by staff.
vigilance™ addresses this by ensuring that a systematic structure is associated with the process of authorising payments. Importantly, vigilance™ alerts key staff and nominated directors to potentially "risky" transactions before the cash leaves the company's account, thereby allowing steps to be taken to ensure the legitimacy of the proposed transaction. This provides greater security to the company owners and gives the board assurity that it is operating in accordance with its duty of care.
The latest in financial technology software, vigilance™ is a cloud based subscription service (SaaS) that uses “big data” by aggregates all your business bank accounts, payroll and accounting data in one place. This data is then scrutinised constantly through a series of algorithms looking for anomalies such as fraudulent or other transactions that could constitute a risk to your business.
vigilance™ ensures correct procedure and streamlines processing for those responsible for authorisation of such payments. Detailed reporting highlights any exceptions on transactions to be made. It therefore provides the ability to review specific payments and "Stop" any fraudulent transactions before they occur.
This point of difference is a key advantage with vigilance™ as it performs these checks proactively within your business before the bank is instructed to make payments.
As vigilance™ keeps all your historical data its interrogation becomes even more sophisticated and is unaffected by business interruptions such as the changing of banks, payroll or accounting systems. There are other obvious advantages with storing all your business transactional data in one place providing for further business intelligence queries and analysis.
vigilance™ is simple to implement and can be operational within hours. Importantly, there is no additional effort from administration staff to use the system. In fact it greatly improves their process by capturing human errors such as simple accidental keystrokes through to duplicate invoice entry.
vigilance™ provides both peace of mind and stops losses to the bottom line that might otherwise have gone undetected.
vigilance™ is a cost effective solution for all sized businesses that you shouldn’t be without.
"Lack of internal controls and systems is the most significant factor contributing to successful fraud."
Prevents human error
Real-time visibility of business expenses
Provides comparison and trending reporting
Exception reporting without you having to ask someone!
Alerts you about missing payments
Notifies you about new employees
Alerts you to unusual spending
Reports on Bank & TAX Fees
Peace of mind!
Robust information is "priceless" in business. As vigilance™ collects and analyses data from many sources it has the ability to produce reports that can be designed to highlight potential savings, track spend and income trends as well as produce reports on business risk.
Such reports can be tailor-made for specific applications and for specific audiences. This can include the company's finance and risk committee or the general board if it so wishes.
Given the sensitive nature of the information produced by vigilance™, security is tight. All accounts are password-protected and all data is transmitted using 256 bit encryption. This is the same security used by online banking and sites using credit card information.
"Best Efforts will not substitute for Knowledge"
Two recent Global economic crime surveys showed corruption continues to be of major concern for organisations of all sizes, across all regions and in virtually every sector. The findings indicate that company losses from fraud and similar criminal activities continue to rise both in scale and occurrence. These findings mirror those of similar surveys and highlight the sad fact that stealing by employees, many of whom hold trusted positions, also appears to be following the same rising trend.
While the sums of money linked to such stealing by staff reported in the media are large, many more cases exist where staff take advantage of their position and steal sums over lengthy timeframes. Such stealing, especially from smaller businesses, is often extremely detrimental to the ongoing viability of the firms involved.
The manner in which such fraud is committed by "trusted" staff varies greatly, however the research indicates that the most significant factor contributing to such fraudulent behaviour is the lack of sound and systematic business procedures associated with the company's payment processes. This is particularly evident in small to medium sized businesses where much of the focus is on growing income not overseeing the administration of the company's finances. However larger companies are by no means safe from such risk.
While there are many software solutions that exist to detect fraud after the event, there is a "lack" of products that help in the detection prior to money leaving a company's account. What makes vigilance™ different is that it ensures systematic review and authorisation processes exist within the company.
Importantly, it checks the payee details and the bank account information prior to payments being released. In doing so it reports any proposed payments that vigilance™ determines "risky" to a number of specified people within the company, including people removed from the day-to-day operations like specified board members and even the company's accountant, if so desired.
vigilance™ has been created for the purpose of helping businesses ensure that internal, pre-emptive systems and checks exist within their operations to safe-guard precious cash.
An entrepreneur, Sam has spent over 15 years in the IT industry and, prior to that, over a decade in the construction sector.
As founder of SmartTrade Ltd, a successful I.T. company, Sam developed a wide range of skills and forged strong partnerships with leading Telcos and industry suppliers, including plumbing and electrical chains, throughout New Zealand and Australia. Similar partnerships were formed through integration with accounting software providers such as MYOB, QuickBooks and XERO.
During his time as managing director of SmartTrade Ltd, Sam took the company to number one market position in Australia and New Zealand, with an end-user base exceeding 2500 users.
After selling his interests in SmartTrade early 2012 he began to focus on the Vigilance project. He has also helped grow the digital arm of a top Australasian advertising agency, working closely with their international and local clients in the medical, automotive and food industries.
Dale's been in the business of managing businesses for some 30 years. During this time he's worked in a number of industry sectors, including environmental, forestry, manufacturing and more recently animal health and veterinary services. Dales' business experience ranges from dealing with everything from union pickets and Iwi liaison through to business mergers/acquisitions and helping companies manage their way out of insolvency.
As his career progressed his roles have morphed from technical to project/supply chain management and then into the highest levels of senior management. He has held senior managerial roles with Fletcher Challenge, Kiwilumber, VetPlus and most recently, Pet Doctors, where he managed a team of 250 staff in 27 businesses throughout New Zealand.
In addition to his managerial roles, Dale has served as a company director for businesses with interests in animal health, agribusiness, manufacturing, forestry and software development.
Dale holds Bachelors and Masters degrees from Waikato University, a PhD in science from Massey University and a postgraduate certificate in Business Management from Deakin University, Australia.
He's a Chartered Company Director with the New Zealand Institute of Directors.