SAP recently announced its new Fraud Management tool, an analytics application designed to help users improve fraud scenario analysis and adapt to changing fraud patterns. By using this to execute complex analytics on big data sets, using in-memory computing and other advanced processing techniques, the tool is designed to help SAP users better prevent fraud .
Currently in “controlled” (limited) release, the final version is expected to come in three initial flavours of Fraud Management: an insurance claims fraud offering, another designed for use in the public sector and a cross-industry application (for use in, for instance, the purchasing function). It’s certainly true that fraud is a pervasive risk in businesses: according to the Association of Certified Fraud Examiners, the typical organisation is at risk of losing up to five per cent of its revenues to fraud. If that figure sounds surprising, it’s even more so to hear that that this translated to a total global fraud loss of more than $3.5 trillion in 2011. While not all of this fraud may be addressable, it’s clear that the cost of fraud can add up for businesses in many sectors.
Here at the User Group we await to hear more about the product ahead of its final release later in the year. If you are an SAP user wanting to find out about the latest product updates network with your peers, please check out our current calendar of webinars and SIGS taking place throughout 2013.