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Everything you need to know about Sunshine Act Compliance

February 07, 2018 / in Compliance / by Josh Anish

 

What is the Sunshine Act?
Its full name is actually The Physician Payments Sunshine Act (PPSA) and it was designed to boost transparency around the financial relationships between physicians, hospitals, and drug companies.

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Where to begin with GDPR Compliance: The Clock is Ticking

August 02, 2017 / in Compliance, GDPR / by Meena Chockalingam

Data is often a company’s most critical asset. Businesses globally are collecting increasing amounts of data on customers and partners so they can be more competitive in the marketplace. In the European Union (EU), over 90% of citizens say they want some data protection rights across the EU, regardless of where their data is processed. But why?

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Manager Approval Process For T&E - Useless or Useful?

I once sat in an interview with a Manager who told us, step by step, his process to approve his team’s expense reports. His story went something like this: his team would place their completed expense reports in his desk drawer throughout the month. On the last weekday of each month, the Manager would take out the stack of expenses and gear up his ink pad and rubber stamp with his name. He created the rubber stamp process because he was tired of signing each and every expense report by hand. He would spend no more than 15 seconds reviewing and approving each expense report. Then, he would walk the expense reports to the Accounting Manager for reimbursement.

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Think your External Auditors will sniff out fraud? Think not!

April 05, 2017 / in Fraud, Compliance / by Meena Chockalingam
When a company uncovers internal fraud, their first question is ‘Why didn’t the auditor catch that?’ The simple answer, is that the purpose of an audit is not to detect fraud and companies are misunderstanding the nature of an external audit.

 

According to a 2016 ACFE Report, 82% of companies utilize annual financial audits as a common anti-fraud control

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Proactive Fraud Detection: The Future is Artificial Intelligence (Part 2)

March 30, 2017 / in Compliance, T&E Fraud / by Meena Chockalingam

 

 A recent 2016 report shows an astonishing 37% of companies still rely on managing their T&E with paper and Excel. Many of these companies may not realize they’re relying on the same manual expense review and sample testing procedures they used a decade ago. What you’re left with are loopholes that can put a company at great risk, both financial and reputational, due to a reluctance to change.  

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Proactive Fraud Detection: The Future is Artificial Intelligence

March 28, 2017 / in Compliance, T&E Fraud / by Meena Chockalingam

Your long awaited family camping trip comes around. You've just earned a weekend away from Excel after closing the month-end books. Only a handful of errands are left between you and roasting s’mores at the campsite - just pick up a first aid kit and some batteries. You turn on the ignition and the 'check engine' light comes on. Gasp! There’s a sinking feeling in the pit of your stomach.

 

The timing is terrible. (Isn’t it always?) We’ve all been there. You may not have realized it, but a business expense management program is just like auto maintenance -- 

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Think T&E fraud can’t happen in your company? So did Hendricks Power

February 04, 2017 / in AI, Fraud, Compliance, T&E Fraud / by Jonathan Chizick

Donnis Mizelle was a pillar of the local community in Avon, IN. As CEO of Hendricks Power, Donnis was in a high-profile position and was well known throughout the community, serving on several local boards and committees.

 

In August the illusion came to an end. Mizelle was convicted of embezzling over $500,000 from the company over a six-year period. He now faces up to 20 years imprisonment for his crimes.

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