Resources for Federal Financial Institutions Examination Council (FFIEC)

Procurement Card Auditing and Compliance Remains Top Concern, According to JPMorgan Report

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JPMorgan on May 20 issued a report titled "Auditing and Compliance Strategies for a Solid Purchasing Card Program" in which some of the nation's leading companies and universities share real-world best practices for better detecting and controlling purchasing card misuse and out-of-policy spending. As organizations continue to rank procurement card compliance as a top business priority, dozens of JPMorgan commercial card customers offered insights on effective steps they have taken to improve purchasing practices and safeguard against procurement card fraud.

Those surveyed included Arizona State University, Chevron Corporation, ConocoPhillips, George Washington University, International Paper, Monsanto Company, Sears Holdings Corporation, ServiceMaster, Starbucks , University of Illinois, University of Maine System, University of North Texas, University of Pennsylvania and Yale University.

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