Octapharma white HD

Challenge

Simplify and increase the reliability of the bank supplier check process within the Vendor Master File and master supplier’s data to secure all payments.

Solution

Use the Trustpair platform to control IBAN, perform an audit of the VMF and add company registration numbers to the base in order to stabilise and control data through time.

Results

The accounting manager is reassured when she takes responsibility for the veracity of the IBAN. ¼ of third party data has been automatically enriched with company ID suggested by the tool.

About: International laboratory specialised in plasma fractionation, the Octapharma Group focuses its expertise on research and development, the creation and sale of protein for therapeutic use.

9,307 employees

1,000 suppliers

118  countries

Headquarters: Lachen, Switzerland

Industry: Pharmaceuticals

Fanny Harquel
Testimony of Mrs Fanny Harquel, Accounting Manager
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Mastering Vendor Master File data to take responsibility with peace of mind

Context et challenge

Having joined Octapharma three years ago as an Accounting Manager, Mrs Harquel ensures that the accounts are kept on time, that invoices are paid to the right suppliers and that the accounts reflect the reality of the business. 

One day, the company received a letter from a supplier (from the TOP 3 of the company's partner suppliers) asking to modify its bank details. This person was very forceful with various members of the Finance Department, so Mrs Harquel ended up having doubts. It was at this very moment that she decided to equip the Finance department with a fraud detection solution, in order to prevent them from experiencing this situation again.

“Trustpair is a useful tool to reduce the risk of fraud, and reassure those who engage their responsibility : the Finance Department as well as Company Directors”

Reassuring the Finance Department and Management on fraud risk

Risking liability for fallible processes

Before using the Trustpair solution, the team used to manually check each IBAN and bank details change request, making several changes per week. This process consisted of simply calling the supplier issuing the invoice to ensure that it was a real bank details change request. Fanny Harquel, who is in charge of validating those changes, was not entirely convinced by this method. It was difficult to be confident that the checks were carried out in a relevant and efficient manner for each of the third parties. Above all, there was no visibility on the checks carried out.

“When I validate the IBAN in SAP and then send an invoice, I take full responsibility and I do not always feel confident. You can never be 100% sure of the truthfulness of the third party you are dealing with.”

As an initial security measure, the Finance Department considered introducing a questionnaire reminding people of the date and time of the audit. However, loopholes persisted, in particular the veracity of the source of the phone number searched for online or found in emails. Each time a bank  details change request was received, there was no peace of mind and the threat of a new fraud attempt persisted.

Implementation of digitised and secure processes

Today, the digitised and secure processes for checking bank details enable better collaboration with the purchasing department. The latter is responsible for entering third party data into the system, in particular company identifiers (VAT, company registration numbers and certificates of incorporation).

Thanks to the automatic data enrichment solution of the VMF hosting in SAP (insured  by Trustpair), the Finance Department is able to check if some missing or duplicate data is present. The Accounting Department will then input the supplier's IBAN in Trustpair and forward the validation email to the Accounting Management so that the latter validates the email and enters the IBAN in the VMF.

octapharma visuel 1-2

“The control process is simplified with the Trustpair solution, the Finance Department is reassured and, above all, it no longer needs to waste time performing manual checks to verify a supplier's bank details.”

From manual data cross-checking to a continuous audit of the third-party database

360-degree vision and reporting

The Accounting Department used to manually process and block risk accounts in VFM on a yearly basis. Without any view of the status of the database, this involved manually cross-checking the data in Excel files of several hundred lines in the hope of identifying all duplicates and anomalies. With the continuous audit of the VMF, the work of the blocking campaign is simplified.

“With Trustpair’s VMF audit, I realised that there were suppliers that we hadn't used for several years. Now that we have all the company registration numbers in our database, we are sure that there are no duplicated data. We have a clearer view of our VMF.”

Recently, a healthy report of the VMF was issued to the company's Finance Department. This report highlights the progress of the project to clean up the VMF, and makes it possible to list the cases still identified as anomalies in graphical form. With this reporting document generated directly in the platform, the Finance Department can clearly see the remaining actions to be taken to obtain an error-free VMF and then ensure the sustainable security of all its payments over the long term.

“Many thanks to the highly responsive customer service, who is always ready to listen when we have a question or a comment. At the slightest problem, the team is always on hand: you can feel that there is genuine support.”

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