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What are the Strategies for Preventing Procurement Fraud?

All professionals are welcome to answer the above question! 

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Question added by Jahabar Sadiq Ifthikar , Procurement Manager , Compass PMC
Date Posted: 2015/08/16
Farryal Fayyaz
by Farryal Fayyaz , Sales Operations Executive , Remington Pharmaceuticals (Pvt) Ltd.

Verify Vendors, Review Your Financial Reports, Require Back-Up

Nadeem Asghar
by Nadeem Asghar , Supply Chain Consultant/Trainer , Independent Practitioner

In order to devise the best strategy for combating procurement frauds is to see why do frauds take place. The famous fraud triangle with Motivation, Opportunity and Justification on its three sides would help us in tackling the problem effectively. The organization can do little in controlling Motivation and/or Justification for a specific employee. However, it can of course control and limit ( may not eliminate) opportunities.