KPMG Luxembourg today announced 8% growth in its revenues in 2019, an increase that the firm attributes to helping its people, its clients, as well as the local communities focus on achieving their full potential in 2019. Managing Partner, Philippe Meyer, explains:
How is the firm helping Luxembourg and its clients continue to outshine their potential and realize sustainable and profitable growth?
“When it comes to outshining potential, I can think of no better example than that of Luxembourg. Despite its status as a small country, Luxembourg punches above its weight as a financial center. We see this endless potential in our clients and we endeavor to help them explore all opportunities and bring them to the next level.
Technology is an enabler in this sense and has a huge role to play in facilitating this transition but trust is equally important. Our clients need to trust our expertise in order to have the confidence to take the steps towards elevating their business and so quality, ethics and integrity are at the very core of what we do. This mission is one of great responsibility but it is an immense privilege for us to take this smart transformation journey with our clients.”
Frauke Oddone, Head of Markets, explains how unlocking the benefits of artificial intelligence and data means that we are shaping a new story for Luxembourg.
“Artificial intelligence and data and analytics represent a new paradigm for finance, the state and companies in Luxembourg. A new story is being written, and we’re co-authoring the narrative with our clients. We believe in doing things in a principled way, so we have developed a solid framework, “KPMG AI in Control”, to help companies build algorithms that people can trust. A great example is in fraud detection: we have helped a large private bank to develop its very own algorithm for detecting fraudulent account activities – despite the bank having no historical data. Digital security matters to our clients, and we’re proud to support them on this journey.”
“And this isn’t our only way to support clients on their journey: our people’s best creative problem-solving forces are also channeled during our yearly intrepreneurship challenge, Kosmo. This year, four clients briefed our staff in detail about a particular pain point in their operations. To get the best solutions, we encourage absolutely everyone in the firm to get involved: tech fans, passionate auditors and curious tax advisors alike. It’s this diverse mix of perspectives and knowledge that makes the magic happen. Together, we stretch the digital potential of our clients to the max.”
Pascal Denis, Head of Advisory, reveals how KPMG helps clients rise to the challenge of growth and the transformation of risk and compliance in 2019:
“Outshining potential means providing our clients with the best experience and best people to meet their mounting challenges. This year is full of examples that illustrate that a strategic approach to investing allows this to happen. The increasing drive toward mergers and acquisitions across Europe means rising to the challenge of accurate valuation and targeting, so we have invested in deepening and broadening our expertise and network in this area. The shift towards ESG involves rising to the challenge of analyzing new risks, so we have created systems and tools to allow asset managers, for example, to do this and to incentivize green behavior. The surge in reporting obligations under new regulations, means reacting to the challenge of industrializing report creation – so KPMG’s managed services has launched new services to outsource risk, regulatory and tax reporting from our clients in our European Center of Excellence hub in Luxembourg. I see creativity, agility and collaboration in everything we do. This is the key to delivering on potential.”
Emmanuel Dollé, Head of Audit explains how talents within the firm together with the right technology transcends the potential of a good audit.
“Audit teams equipped with a high level of technical skills and empowered with professional skepticism are the foundation of a good audit and is vital for the quality of the audit process and integrity of financial information. Only with these skills auditors serve the community. At KPMG, we’ve created an Innovation Hub that brings together the latest technology to achieve consistent and efficient audits. Applying the right technology serves the quality of what we do. And we need the people to transform the ideas into real projects and tools for the benefit of our clients. We see our people having meaning and purpose while developing their full potential in spite of the evolution of the environment that our clients face, such as regulatory changes, new requirements, increased surveillance and ESG standards. Not to forget how the industry will be disrupted by technology and AI. So clearly, audits are not dying yet: continuous investment and growing opportunities for our people is a must but audits do need to adapt to the digital age too.”
Sébastien Labbé, Head of Tax explains how Luxembourg has capabilities to embrace the new world of tax:
“Raising to the full potential of the country requires bold measures and strong actions. To remain ahead of the curve, Luxembourg must diversify and further reinforce its economy. We see two areas where investment will make a difference and raise the profile of the country. Firstly, we welcome tax incentives to help promote digitalization and prepare the country for the digital economy and to facilitate the recruitment of certain highly qualified tech profiles. Secondly, if we look at the very long term, we are moving towards a decarbonized world, towards a world with more sustainable and environmentally friendly investments. The tax environment will need to adapt to those new opportunities. Last but not least, tax is becoming more and more digital. Not just at KPMG but also for our clients. Technology will bring new and better ways to address our clients’ concerns and needs, when it comes to reporting or compliance issues and managing their tax costs/reputational risks. In this context, we’re currently developing a series of managed services integrating specific tools including AI, data analytics or automation. With passion and purpose, we bring our specialist skills to full capacity to embrace this new world of tax.
Thierry Ravasio, Head of People, illustrates how our people expand in their own ways their full potential to drive our clients’ success beyond anything you think possible:
“Our people are innovative, expert, agile and passionate. They are our most valuable assets when building sustainable relationships with our clients. As they come to the company with such diverse knowledge and backgrounds, we focus on shaping an environment where they can grow and test new avenues adding that extra spark that our clients are looking for when they need to find a trusted business partner. Offering the best talents to our clients can only be fostered by a strong culture of training and upskilling which has become a vital part of the firms’ journey for everyone in the firm. To liven up to the culture we want to shape, we’ve recently brought our HR and Learning and Development teams to form a new “People and Culture” team to address not only our staff’s challenges and needs but ultimately to enable them to shine back on our clients’ customer experience. “
Philippe Meyer, KPMG’s Managing Partner, concludes:
“I think that we are right to say that you can measure your success when you go beyond anything you thought possible. Our clients and Luxembourg must grasp the opportunities that lie ahead of them. Innovate, be bold and daring, and persist in reaching quality and integrity in everything you do to achieve a sustainable growth together. Outperform but remember that you cannot do this alone, you need trusted allies that collaborate to a greater purpose.”
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