SAP Launches Fraud Fighting App to Reduce Financial Risks

PinIt

SAP Business Integrity Screening analyzes data in real-time to identify exceptions and increase security within business transactions to avoid fraud.

SAP has announced the launch of SAP Business Integrity Screening, a fraud-fighting application designed to help reduce risk within business and financial transactions. It’s powered by SAP HANA and enables organizations to detect anomalous transactions before any losses occur. The app analyzes data in real-time to spot patterns and suspicious transactions. It also spots compliance failures. SAP says this automated process can result in substantial improvements in efficiency and cost savings.

The application also screens businesses and individuals against predetermined blacklists or high-risk lists to prevent transactions with such parties, reducing the need for investigations and in turn reducing costs.

“The price for failing to properly screen the integrity of business activities can be steep,” said Thack Brown, SAP general manager and global head of LoB Finance. “At SAP, we are dedicated to helping businesses run better, and mitigating risk is a critical part of that. Our new business integrity capabilities not only allow us to help spot, reduce and prevent fraud and other irregularities but also help our customers better identify the integrity of the third parties they conduct business with.”

See also: 3 areas of financial services ripe for blockchain disruption

SAP Business Integrity Screening is designed to be an end-to-end solution. It can be integrated with SAP Predictive Analytics and the SAP ERP, SAP Process Control, and SAP Audit Management applications as well as other software. It allows enterprises to address a variety of scenarios including insurance fraud, internal audits, invoice payments, anti-bribery and the Foreign Corrupt Practices Act (FCPA). It is capable of conducting end-to-end case investigations and sending real-time alerts.

“The digital economy continues to put pressure on our clients to elevate their compliance and anti-fraud programs toward an integrated continuous monitoring approach,” said EY’s Stefan Schaffer, partner and head of the Global Center of Excellence for SAP Business Integrity Screening. “Using SAP Business Integrity Screening, EY and our clients are developing targeted solutions that leverage advanced analytics to more effectively detect external and internal fraud, automatically monitor compliance and successfully eliminate errors and waste.”

Sue Walsh

About Sue Walsh

Sue Walsh is News Writer for RTInsights, and a freelance writer and social media manager living in New York City. Her specialties include tech, security and e-commerce. You can follow her on Twitter at @girlfridaygeek.

Leave a Reply