The KPMG Customer Due Diligence Navigator provides a holistic approach to highlighting the challenges of clients’ Customer Due Diligence function and helps to identify opportunities for solving them.
Know Your Customer (KYC) / Customer Due Diligence (CDD) is a core financial crime requirement. Despite huge levels of investment, poor execution remains the reality for many organizations. It most often comes down to its multi-faceted and cross-functional nature – the complexity of execution makes it difficult for firms to identify where their problems lie, and what the solutions might be.
Typical operational issues can include:
Resulting in low quality financial crime decision-making; costly remediation and regulatory fines; sub-optimal through-put; detrimental impact to customer experience, reputational damage and wider social harm.
The KPMG Customer Due Diligence Navigator provides a holistic approach to highlighting the challenges your CDD function faces and helps to identify opportunities for solving them in a simple and organized way:
KPMG has leveraged its experience of working with clients around the globe to bring structure and clarity to this challenge. The KPMG Customer Due Diligence Navigator is a method of approaching this challenge, and brings focus to maturity opportunities. It embraces the key components of effective KYC/CDD, while considering their sequencing and inter-connectivity. Behind all of this sits defined benchmark standards and industry-wide knowledge of CDD maturity.
The KPMG Customer Due Diligence Navigator can rapidly bring clarity to the actions required to transform your KYC/CDD operations. Identified benefits vary by client, but operational efficiencies of 20-35% are not uncommon. These measures can result in higher quality financial crime decision making and initiate an enhanced customer experience, CDD operational excellence, enablement of commercial growth and success:
Implementing scalable and efficient solutions to help financial institutions achieve optimized Know Your Customer and Customer Due Diligence.
Implementing scalable and efficient solutions to help financial institutions.
The responsibility rests with companies themselves to prove they have an effective, extensive and efficient means of managing third party risk.
Third party risk management is an opportunity that we must embrace.