How Financial Services Firms Manage Fraud and Compliance Risk: SAP Concur Proposes Four Steps
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Financial services firms face strict regulatory scrutiny; this analysis provides compliance and finance teams with data-backed references for anti-fraud and audit automation.
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- SAP Concur BlogHow Financial Services Firms Manage Fraud and Compliance Risk: SAP Concur Proposes Four Steps
SAP Concur published an article outlining four steps for financial services firms to manage compliance and fraud in travel and expense programs. It cites data: nearly 20% of T&E expenses fall outside policy; companies with anti-fraud controls experience 52% lower fraud instances and detect fraud 58% faster; 41% of respondents spend 50+ hours per month auditing expense reports. The article also references a FINRA action against a former Merrill Lynch broker and notes FCPA violations can carry up to $100,000 in criminal fines and 5 years imprisonment.