The future of risk management is intelligent. Why wait? KPMG firms are transforming proactive due diligence.
Understanding third parties (including customers) has never been more important. Geopolitical and financial volatility combined with high levels of regulator intervention demand the highest levels of third party risk management.
The current paradigm with a multitude manual processes and sequential processing of point in time data is unsustainable. This can lead to significant cost, inconsistent and variable quality and poor outcomes.
Customers, suppliers and distributors all recognize the need for third part risk management, but also want a seamless, quick and efficient process. This is often not happening and research shows that slow processing and burdensome KYC information requests will influence where they bank.
A new way is needed to process millions of pieces of client data simultaneously, provide ongoing and near real-time monitoring and accelerate on-boarding processes. Technology exists now to make this happen.
KPMG Third Party Intelligent Diligence is a new way to understand risk. Using millions of data sources and searching in multiple languages it can collect client due diligence data and perform regulatory risk and adverse press reviews in minutes.
Next generation AI and machine learning enables the sorting, de-duplication and structuring of data in a summarized and readable format which significantly increases analyst efficiency. This scalable tool can batch process hundreds of thousands of third parties per month, substantially reduce onboarding times and enhance the customer experience.
This tool can be deployed same day in urgent situations and integrated into most workflow platforms, its output can also be linked directly into your third party technology.
KPMG Third Party Intelligent Diligence completes due diligence searches in matter of minutes, de-duplicates and organizes information smartly to help significantly reduce the time needed to review each third party.
Let's do this.