Payroll Monitoring Solution
Payroll Fraud
One constant across all businesses is Payroll. As one of the primary expenditures in many organizations, payroll is often the subject of error, fraud and theft. Variables such as complex tax regulations, time tracking, attendance, incentive based pay and changes in contractual salary agreements, added to the high volume and frequency of transactions, make payroll an intricate task to process.
According to the Association of Certified Fraud Examiners (ACFE), companies lose 7% of their annual revenues to occupational fraud. 
Occupational fraud and abuse schemes are numerous and varied.
For example:
- Adding fictitious (ghost) employees to the payroll.
- Submitting dubious overtime claims.
- Claiming for unauthorized personal expenses.
- Making unauthorized changes to employee records, earnings, rates, etc.
- Adding fictitious (ghost) employees to the payroll.
- Submitting dubious overtime claims.
- Claiming for unauthorized personal expenses.
- Making unauthorized changes to employee records, earnings, rates, etc.
Payroll Monitoring Solution
The focus of the SymSure Payroll Fraud Monitoring solution is to define and automate tests for the controls within the organization’s payroll processes.
The organization is allowed to define the control environment from employee records creation to final payments to employees. Once completed, SymSure’s monitoring framework examines all master data and transaction records to detect control breaches and alert the relevant persons automatically.
SymSure Monitor is compatible with any source of data, including ERP and bespoke applications. By continuously monitoring the systems and applying a comprehensive resolution workflow, the audit and compliance process becomes independent and auditable.
This solution is deployed to all the relevant stakeholders; assigning them fraud mitigation tasks and ensuring that they are addressed in a timely manner. Financial and business process managers can focus on optimizing business performance and maximizing profits while mitigating the risk of fraud.
Preventative Controls
A key feature of payroll controls monitoring in SymSure is the ability to detect erroneous, suspicious and fraudulent activities before payments are made. This provides organization with valuable window of time to investigate exceptions to prevent losses due to error or fraud.