KPMG has announced the launch of a new platform, Smart Customer Due Diligence (CDD).
It revealed that the solution uses third-party integration, providing granular management information and a “robust” audit trail. As a result, the toolkit can handle the entire CDD journey, “driving” efficiencies and headcount reduction.
According to KPMG, the solution has been created in response to challenges maintaining compliance, such as time restraints and increased costs through manual processes.
The firm said CDD and KYC compliance is “complex”, meaning it is managed by “resource-heavy” middle and back-office functions without connectivity to sales and customer relationship management systems.
The Smart CDD reportedly “optimises” CDD business operations to reduce the total cost of KYC compliance, generating ‘potential’ cost reductions of up to 40%.
According to the firm, other benefits of the solution include improved customer experience, quality checking and quality assurance, reduced response times, shorter onboarding timeframes and increased onboarding success rates.
Richard Parsons, director at KPMG Smart CDD, said: “We have combined our expertise in customer due diligence, technology and operational service delivery to create a data-led approach to CDD, giving cost certainty through an ‘out of the box’ solution, compliant with regulatory requirements and pre-configured to industry standards.”
Simon Mansell, KPMG UK forensic head of CDD, added: “This innovative ‘out of the box’ CDD tool, combined with our operational excellence, 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.”