As spending becomes increasingly decentralized and faculty and staff are empowered to make more and more spending decisions on their own, the risk of fraud goes up in both public and private sector organizations. However, the stakes are even greater in higher-ed institutions. Transparency and accountability are paramount as public disclosure of fraud, waste, and abuse can have severe reputational and financial consequences for colleges and universities.
A recent Kelton Global study surveying 151 financial decision makers working in colleges and universities found that despite their best efforts, educational organizations are struggling to be compliant. The study also revealed that error-prone, disconnected systems, outdated technology, and manual processes are impeding these efforts. Many of the surveyed financial decision makers who have implemented fully automated, integrated solutions now consider their college or university to be more efficient in managing budgets, better at remaining compliant, and better protected from organizational risk. Download the eBook now to learn more!