SAP launches Business Integrity Screening to Analyze Data for Suspicious Transactions
SAP has launched Business Integrity Screening solution to diminish the risk of financial fraud within business transactions. Powered by SAP HANA, the newly-introduced application analyzes large volumes of data in real time for any suspicious transactions and also helps in identifying potential fraud patterns with the help of flexible rule sets and predictive analysis.
The recently unveiled software from SAP enables its users to keep a check on the reliability of other business entities and individuals before they conduct business with them. The other key features of Business Integrity Screening are it uses latest innovations like machine learning to help investigators to detect potential exceptions beforehand and reduce financial losses. The flexibility built into the solution allow it to be easily incorporated into other software, such as SAP Predictive Analytics, SAP Audit Management applications, SAP Process Control and the SAP ERP, which help in providing a comprehensive compliance approach.
Describing the benefits of their latest product, Thack Brown, SAP general manager and global head of LoB Finance, says, “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.”
“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,” says EY’s Stefan Schaffer, partner and head of the Global Center of Excellence for SAP Business Integrity Screening mentions.