Mayo Clinic takes a gold for developing data-mining software that monitors its employees' use of credit cards. The cards enable small-dollar purchases without time-wasting paperwork and processing—key for staff who should be focused on patients' needs—but introduce the potential for abuse or policy violations.
Credit card issuers have long used software to identify potentially problematic patterns when, for example, purchases are made in New York and then 10 minutes later in Seattle. The Mayo Clinic's software, says Erich Heneke, senior manager of supply chain audit and controls, instead looks for internal fraud.
"A credit card company would never notice if you use a corporate credit card in a neighborhood grocery store, but that looks suspicious to us," Heneke says.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
