Hi
The issue of controls & the approval of changes to vendor & employee "Direct Deposit" details has been raised by our directors.
This mechanism should also apply for new vendors / employees.
We need some sort of "second party approval" mechanism so an independent party can confirm the veracity of the instruction, & that the keying of new payment details is correct.
This approval would need to take place before the new details were able to be used. Ie - the vendor / employee would effectively be "on hold".
In dealings with a supplier, & based on information received around other people's experiences, this has been identified as a key area of risk. We have had a payment go to an incorrect account that was provided to us & was not recoverable without expensive legal action.
We believe this introduction would reduce the likelihood of human error & at worst fraudulent behaviour to result in your clients to experience financial loss.
Regards
Stuart Gray
| Company | Delplant Pty Ltd |
| Job Title / Role | Finance Manager |
| I need it... | 1 month |
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