KPMG Luxembourg today announced a 1% growth in revenue for the year 2020. An increase the firm attributes to the resilience and dedication of the people at KPMG. Speaking to this resilience, David Capocci, Managing Partner at KPMG Luxembourg explains.
9 out of 12 months of this financial year were spent battling a global pandemic. From the outset, we set ourselves the goal of having a laser-like focus on what matters most: people and clients. Every little action we have taken has been with their wellbeing and success in mind. Together we have persevered, and together we are building a New Reality.
While situations like COVID-19 are difficult, they also present an opportunity to reflect and learn. And what came out of 2020 for us is this: agility is what counts for businesses in this New Reality, and only truly empowered workforces can deliver on it. This learning will be key to our future strategy as we ask our people to unleash their inner entrepreneur.
Ravi Beegun, Chief Innovation Officer, shares how staff will be tapping into their inner entrepreneur:
We want innovation to be hardwired into our organization. This can’t be done overnight. Innovation sounds like fun and games, but it doesn’t occur by accident. It’s all about designing a new way of working with mechanisms and processes, training and knowledge-sharing, and access to the right alliance partners to help us with the technology. Only with these foundations in place can we co-create with our clients.
Our pilots to date are promising and indicate that we’re heading in the right direction. We first chose to apply this approach to industry hot topics such as sustainability. For example, we have partnered with the University of Cambridge Institute for Sustainability Leadership to launch a tool – the Sustainable Investment Framework Navigator (SIFN) - that finally gives asset managers what they have been crying out for: a simple way to measure the sustainability impact of their investment funds. With this example, you can see how innovative methodologies, data and technology work together and have a real impact: not just on individuals or companies, but on whole industries and even society.
Stanislas Chambourdon, Head of Sales and Markets, emphasizes the importance of updating business and operating models in light of a global pandemic:
There will forever be a distinction, a clear line that separates life before COVID-19 and after COVID-19. We have learned how to work and how to live differently, and these changes need to be reflected within our business and operating models with client-centricity. COVID-19 has shown us that we need to make sure we are optimizing for resiliency, agility and flexibility to be best prepared for any situation. From better data management, further digital solutions and more automatization, there is no aspect of business that should be overlooked.
One key area that this has been reflected in our growth is in Asset Management and Alternative Investments — a 31% increase in three years. We see a strong increase in demand for services that help these industries to streamline operations and face the winds of change. The outsourcing of non-core activities, such as regulated accounting and risk services for asset managers, is high on our client’s agendas as they look for ways to make their business model more agile. We expect this area to grow into 2021 and beyond.
David Capocci, Managing Partner, added how an agile, entrepreneurial approach would also help the firm care for the planet and its people:
The pandemic reminded us that our planet is struggling. As countries went into lockdown, and the pace of life slowed, it had a moment to breath. We watched as air quality improved, bodies of water cleared, and nature reigned free. Now more than ever, we must find ways to treat our environment better tomorrow, than we did today. So here at KPMG we have committed to be a net-zero carbon organization by 2030, with a key milestone in Luxembourg of already being carbon neutral by 2021.
And this is just one of many positive commitments you have heard today. Greater empowerment, more agility, and a fresher, broader mindset. The pandemic has shown us a different way of being, and we’re firmly committed to bringing this forward into the new year.
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