Organizations continue to experience notable shifts in employee spending behaviors and trends during the current COVID-19 pandemic and almost universal transition to working from home. In our recent November Spend Insights Report, we shared some eye-opening findings uncovered during the third quarter of 2020.
Since the pandemic hit in Q2, we expected that the brunt of the damage was done, and we’d see risk normalize in Q3. However, that wasn’t the case. Our analysis showed spend risk in Q3 2020 was more than three times higher than Q3 of 2019.
Here are other key findings from our November report:
Given this increase, it’s apparent there is still work to be done to understand how policies and audit processes should be adapted to control new spend behaviors. To help, we are working with organizations on suggested changes to policy, adjustments to audit approaches, and other recommended actions to target and combat these new risk profiles more effectively.