How Hershey’s is Kissing Overpayments Goodbye
“How many dollars of chocolate would we have to sell to equal a million in recoveries?”
March 29, 2022
2:00pm - 3:00pm EDT
• Jonathan B. Laubenstine, Senior Director Internal Audit, The Hershey Company
• Sanjay Singh, Vice President, Internal Audit, The Hershey Company
• Mark Brousseau, President at Brousseau & Associates
• Phil Beane, COO & EVP, Global Transaction Compliance Solutions, apexanalytix
“It’s a project with an infinite internal rate of return,” says Sanjay Singh, Hershey’s VP of Internal Audit. “How many dollars of chocolate would we have to sell to equal a million in recoveries?”
He knew that a recovery audit was a good idea from his experience and the benchmarking he does with industry peers. He, Jay Cheedella, VP Global Business Services, and Jonathan Laubenstine, Senior Director of Internal Audit, have been overseeing the project that’s already added over a million dollars a year to Hershey’s bottom line.
No headcount additions. No budget outlay. Money back. Control gaps revealed.
Hershey likes the apexanalytix service model because it requires very little of Hershey’s AP time and gives them a lot of insights and analytics. Everything was agreed to up front and then apexanalytix went to work.
The details that apexanalytix gives Hershey’s on why the overpayments were made help point out control gaps. Sanjay is practical about this. “Some gaps are difficult and expensive to close,” says Sanjay. “The recovery audit is the filter on the back end when perfecting a control comes at a prohibitive cost. That’s okay; the recovery audit is that secondary control. We’re covered either way.”
Watch the webinar to learn:
• How Jay, Sanjay and Jonathan sold the recovery audit internally.
• Managing a recovery audit and reporting success.
• How automation, RPA, and the largest supplier database in the industry make the apexanalytix audit better.
• The value of continuous recovery audits.