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.”
Source (prnewswire): http://prn.to/2BW4gMt
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