In recent news, it was revealed that KPMG and Exiger are to enter a new financial partnership. This is according to reports such as this from PR Newswire, which explain how the aims of this partnership are to help Exiger ‘enrich and streamline compliance solutions for its global corporate and financial institution clients’.
Exiger are a firm which offers businesses a variety of digital services including the development of ‘compliance programs’ specific to the respective requirements of that company. It would seem this is the case for this partnership, as the above report also details how KPMG not only intend to ‘enhance Exiger’s artificial intelligence technology’, they also plan to embed a ‘branded custom version of the DDIQ platform into its systems’.
This is to then in turn support its clients and ‘help financial institutions and corporations to harness the power of machine-learning’ and ‘enhance critical Know Your Customer (KYC), due diligence and reputational risk management’.
What Does This Partnership Mean?
Such partnerships are not uncommon and many companies look for potentially mutually-exclusive arrangements to support the growing needs and requirements of clients; take this example from WH Ireland as another instance of this. A major partnership like this could see some knock-on effects for the operations of both KPMG and Exiger. If successful there could be the following positives realised for these firms:
- Faster processing of routine tasks.
- Reduced risk with client data and information.
- Improved services and a greater service offering for clients.
- The partnership gets extended beyond the current term.
Looking further afield, there are potential effects on wider markets:
- KPMG and Exiger both strengthen their respective positions in their relevant fields.
- The improved services they provide, in turn support, and give greater strength to, the businesses using them.
- More firms within the compliance markets look to for similar partnerships.
Naturally, we can only make assumptions at this moment in time around exactly how this partnership will work out. The hope for all involved of course will be that it proves to be a success and affects their clients in the right way. This could also be an example for the wider markets, or companies like the above example from WH Ireland to keep an eye on in the coming months and take some learnings from, or compare to their internal results.