Almost Half of Finance and Business Leaders Expect More Frequent Audit and Punitive Penalties in a Post-COVID World
Concur Detect by Oversight: New solution tackles fraud and non-compliant expenses through AI
DUBAI, United Arab Emirates – 27 July 2021 — – Middle East companies have adjusted their operations to a digital-first world due to the COVID-19 pandemic. As a result, many companies have sped up their adoption of digital tools to enable employees to work remotely and to file in expenses and invoices digitally.
Despite this, companies continue to struggle with compliance challenges as employees submit expenses and invoices that may not adhere to corporate policies. According to the ACFE’s 2020 “Report to the Nations”, the median loss to a company from expense report fraud is $33,000 per year, and a lack of internal controls contribute to nearly one in three frauds.
With many Middle East businesses operating on tighter budgets, there’s more pressure to increase spend compliance and reduce errors, fraud, and waste than ever. Timing is also of the essence as businesses expect the situation to become even more complex in the future. According to recent SAP Concur research, almost half of finance and business leaders expect more frequent audit and punitive penalties in a post-COVID world.
To tackle this challenge, Middle East businesses need solutions to easily manage employees’ expense and invoice submissions, as well as mitigate compliance risks early. To help companies big and small ensure they are ready to address this, SAP Concur –together with spend management and risk mitigation partner Oversight – launchedConcur Detect by Oversight.
Thesolution powered by AI (artificial intelligence) is designed to simplify an organisation’s expense audit and compliance programme through embedded intelligence and automation. Concur Detect by Oversight uses AI to automate an enormous quantity of data, enabling it to identify errors early and using predictive analytics to empower finance and compliance teams to take proactive action. The solution provides a range of critical features, including:
- Simplified processes: Integrated with the Concur Expense workflow, Concur Detect by Oversight’s AI automatically identifies potential mistakes, fraud, and patterns of misuse both before and after reimbursement.
- Mitigated risks: The solution can reimburse employees faster with auto-approval of low-risk items while providing a focus for at-risk items.
- Greatervisibility and control: Concur Detect by Oversight uses intelligent technologies to detect fraud and anomalies humans can’t. Through its use of AI, it can leverage multiple data points for improved confidence, and validation on financial amounts, dates, vendors, and more.
- Ability to improve employee behaviour: The solution helpsidentify accidental misuse vs. fraud, to help auditors focus on developing and improving policies and best practices. Additionally, Concur Detect also tracks incidents against the employee base.This allows businesses to isolate repeat offenders from users who made innocent mistakes.
Mark Cullen, SAP Concur Managing Director for EMEA South, explains:“In the Middle East, changing expense needs and unclear policies due to working from home scenarios have further complicated an often slow and error-prone audit process. Concur Detect by Oversight addressesour customers’ audit needs so they can improve compliance, identify fraud, and focus more on what matters to their business. With this solution, businesses can do a solid data analysis and focus on making tailored policy adjustments that address the real causes of expense fraud – rather than making potentially unsuitable policy changes based on mere assumptions.”
For more information on Concur Detect by Oversight, please visit this page.
About SAP Concur
SAP® Concur® is the world’s leading brand for integrated travel, expense, and invoice management solutions, driven by a relentless pursuit to simplify and automate these everyday processes. The top-rated SAP Concur mobile app guides employees through every trip, charges are effortlessly populated into expense reports, and invoice approvals are automated. By integrating near real-time data and using AI to audit 100% of transactions, businesses can see exactly what they’re spending without worrying about blind spots in the budget. SAP Concur solutions eliminate yesterday’s tedious tasks, make today’s work easier, and help businesses run at their best every day. Learn more at concur.ae or the SAP Concur blog.
SAP’s strategy is to help every business run as an intelligent enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an SAP® system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit www.sap.com.
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