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Government procurement teams are responsible for managing billions of pounds of public expenditure, and taxpayers want more transparency on how their money is being spent. However, experts estimate that procurement errors, waste and abuse can cost central government up to 4.7% of procurement spend. And when government procurement fraud scandals hit the press, the damage to public trust can be severe.
To ensure integrity and prevent losses before they happen, public procurement teams must be able to monitor and detect any red flags and anomalies in real time. That’s difficult because integrity violations can take many forms. A robust government procurement strategy must be able to detect and mitigate all five of the following threats.