We've been dealing with a lot of unapproved spending in our company. Some departments just go ahead and buy things without following the right channels. I'm trying to understand what maverick spend really is and how we can put a stop to it. Do you have any tips on preventing it from happening again?
It can get out of hand really quickly if it's not controlled. Maverick spend happens when people bypass the approval process, but it's tough to control without the right systems in place. I think clear guidelines and training help, but there might be more to it.
A big part of dealing with maverick spending is understanding the root causes, like lack of awareness or poorly communicated procurement policies. I found a post that goes through the risks and how to prevent it. It's a great read and covers how to set up better controls to stop maverick spending in its tracks. You might want to take a look at more info (https://precoro.com/blog/maverick-spend/). It helped me get a better grip on the issue at work.