SAP has released a new application, SAP Business Integrity Screening, which will use predictive analytics in real time to help organisations reduce their financial risk during business transactions.
Powered by SAP HANA, the SAP Business Integrity Screening software analyses data to identify suspicious transactions and patterns that may indicate fraud or compliance failures before financial losses actually occur and to predict and prevent future such occurrences.
The software also guards against false positives, which can negatively impact compliance teams, tying up valuable company resources.
Organisations can predefine rules to address a wide range of screening requirements including business partners, employee travel and entertainment expenses, and external payments, detecting fraud, theft, bribery and corruption. By cross-checking business entities and individuals against lists published by government and international organisations, as well as by private content providers, the application can reduce the risk of conducting business with blacklisted or other high-risk parties.
SAP Business Integrity Screening integrates on-premise or in the cloud with other governance, risk, and compliance solutions, including SAP Predictive Analytics, SAP ERP, SAP Process Control, and SAP Audit Management applications, to help organisations conduct end-to-end case investigations, to support alert notification and issue management, and to strengthen overall compliance initiatives.
“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.”