SAP has released the SAP Fraud Management analytic application powered by SAP HANA, the latest analytics tool from the enterprise software maker designed to integrate with most ERP systems in order to detect, investigate, analyze and prevent irregularities or fraud activity.
The announcement was made at Government Risk and Compliance 2013 conference in Las Vegas.
The application is planned to offer real-time detection that uses SAP HANA and help minimize false positives through real-time calibration and simulation capabilities on large volumes of data to prevent and deter fraud situations: With the combination of rules and predictive methods, SAP Fraud Management is intended to help users optimize fraud scenario analysis and adapt measures to changing fraud patterns to better prevent fraud.
“If you quantify business loss due to fraud activity in the U.S. it can come out to approximately $3.5 trillion, and those are ACFE numbers, but the main point here is that we can identify that fraud early in the business process to help prevent or limit the damage,” said SAP’s head of enterprise software product management Michael Lortz. “In order to find fraud you need certain analytical horsepower. We have taken SAP HANA platform to build a targeted solution to help our customers find and deter fraud. We have built a ‘detection engine’ that monitors transactions, we created an alert and that is routed to a responsible individual to help deal with and resolve the issue. I think this[product] is a great opportunity for system integrators and consulting or advisory arms of accounting firms.”
Lortz also noted that SAP HANA will handle the data analytics, but that data can be sourced from an SAP ERP or CRM system or a competitive ERP or third-party developed system.
