SAP is rolling out a new solution to help companies detect fraudulent transactions and mitigate risk.
The cloud company said Tuesday (Feb. 13) that its SAP Business Integrity Screening application is now available to address financial risk within business transactions. The solution analyzes data to detect any anomalies in payments and to predict potential future fraud and compliance risks. SAP noted its mobile app also analyzes individuals and business partners against a database of blacklisted entities that are considered high risk.
“The price for failing to properly screen the integrity of business activities can be steep, said SAP General Manager and Global Head of Line of Business Finance Thack Brown in a statement. “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.”
In its announcement, SAP pointed to heightened risks in the enterprise as companies go digital and global. The company noted that existing solutions to detect fraud today yield “too many false-positives and work more than existing processes can support.”
“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, in another statement. “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.”
Last year, SAP announced its own security patches to safeguard SAP HANA, the software on which its new Business Integrity Screening is built. The company said vulnerabilities in HANA potentially enabled cybercriminals to gain control over business applications and databases.