KPMG UK has launched a new platform to help companies contend with regulatory pressure and rising compliance costs. Its Smart Customer Due Diligence (CDD) solution aims to simplify compliance and boost efficiency through automation.
The firm says the cloud-based platform optimises CDD business operations to reduce the total cost of KYC compliance generating potential cost reductions of up 40%. CDD and KYC is complex and cumbersome, meaning it is often managed by resource-heavy middle and back-office functions without connectivity to sales and customer relationship management systems.
Unlike some CDD solutions that only target specific pain points in the compliance process, KPMG says that its new solution uses third-party integration as standard, provides granular management information and a detailed audit trail, with clear hand offs and escalations. As a result, the toolkit can handle the entire CDD end-to-end process, driving efficiencies and headcount reduction.
Simon Mansell, KPMG UK forensic head of CDD, said: “With organisations’ recovery from the pandemic underpinned by growth and expansion, their risk exposure will undoubtedly intensify as they seek to percolate into new markets. With increasing uncertainty and regulatory oversight in global economic markets, they need to know that all relevant customer information is correct. This ‘out of the box’ CDD tool gives us the unique ability to build and deliver a high-quality service, giving clients peace of mind as they get back on their feet.”
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