SAP Introduces Business Integrity ScreeningSolution to Reduce Risks in Financial Transactions
- December 6, 2017
- Posted by: abtadmin
- Category: IT SOLUTION
WALLDORF — SAP SE (NYSE: SAP) has introduced SAP Business Integrity Screening, an application that helps reduce financial risk within business transactions.
Analyzes data in real time to identify exceptions, increase security within business transactions
Combines predefined detection rules and predictive analytics to address risks involving third parties and transactions
Flexible platform that integrates with other governance, risk, and compliance solutions to strengthen business integrity
It analyzes data for suspicious transactions and patterns in real time to spot exceptions, potential fraud and compliance failures. This automation results in major efficiency gains and cost savings.
The creators of the theme are happy with the response and have vowed to create further themes exploring the same concepts
- The flexible platform, powered by SAP HANA,
allows organizations to address compliance assurance across a broad range of scenarios by detecting anomalous transactions early, before financial losses occur, and predicting or preventing future occurrences. The application also screens business entities and individuals against blacklisted or high-risk parties to reduce the risk of conducting business with such parties. All these features reduce the cost associated with investigations and compliance breaches. With the rise of the digital economy, businesses are susceptible to new points of entry for potential fraud and other risks each day. Current detection measures leave investigators with too many false positives and more work than existing processes can support. Risk and compliance teams need to screen external partners to identify exposure to commercial and reputation risks as well as compliance issues. To efficiently protect the integrity of business processes, organizations must also improve the accuracy of exception detection in all transactions.“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.”
- Flexible Platform Allows Easy Integration
SAP Business Integrity Screening is an end-to-end solution combining analytical capabilities with a holistic process that detects potential exceptions early to minimize financial losses.
The flexible platform enables organizations to define rules that address a wide variety of scenarios such as insurance fraud, tax audits, antibribery and the Foreign Corrupt Practices Act (FCPA), utility theft, partner screening, internal audit automation, travel and entertainment expenses, invoice payments and public-sector disbursements. It can integrate with other software, including SAP Predictive Analytics and the SAP ERP, SAP Process Control, and SAP Audit Management applications, to help conduct end-to-end case investigations, support alert notification and issue management, and strengthen overall compliance initiatives.
“The digital economy continues to put pressure on our clients to elevate their compliance and antifraud 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.”