KPMG will enhance Exiger’s artificial intelligence technology by embedding a branded, custom version of the DDIQ platform into its systems to help financial institutions and corporations to harness the power of machine-learning and natural language processing to accelerate and enhance critical Know Your Customer (KYC), due diligence and reputational risk management processes.
Commenting on the partnership, KPMG Global Forensic Leader, David Hicks, said: “The belief that AI is a revolutionary and valuable advancement for our clients is now engrained in KPMG’s DNA and permeates all our business processes. However, there are very few technology solutions that fulfill the promise of AI. DDIQ, and the shift it represents to the way we think about compliance diligence, research and risk analysis, is an example of how technology can transform routine and difficult tasks with exceptional cost savings.”
KPMG will be the only Big Four firm with access to the technology and will be a key collaborator with Exiger to continually enhance the DDIQ to benefit the market.
“Exiger’s and KPMG’s clients are increasingly under pressure to satisfy shareholder demands to meet financial objectives amidst the weight of growing regulatory pressure in today’s market. The stakes have never been higher. Meanwhile, there are very few solutions and providers that can truly manage these demands,” said Michael Beber, Exiger President and CEO.
“We created DDIQ and 3PM with one goal in mind – to play a pivotal role in moving the market to a sustainable compliance environment. We are excited to partner with a fellow leader and innovator in our space to move toward that objective.”
The multi-year partnership will enhance KPMG’s offerings across financial crime, KYC, Anti-Bribery & Corruption (“ABC”), and reputational risk management.
Nigel Layton, KPMG Partner in Forensic, Risk Consulting Practice, said: “The traditional way of doing things, with teams executing web research, diligence, and other routinized compliance tasks is no longer the most effective way of working. We have always been at the cutting-edge of combining innovative service delivery with technology. The decision to introduce a custom version of DDIQ, the leading AI-based, compliance product into KPMG continues that tradition and offers greater benefit to our global clients.”
KPMG will use DDIQ tools for transaction alert clearing, and corporate intelligence and as part of the anti-money laundering checks that it does with clients as part the firm’s client acceptance and continuance process. Insight 3PM, Exiger’s third party risk management platform will become a critical component of the firm’s, and its clients’, third party and ABC risk management process.
KPMG’s adoption and integration of Exiger’s solutions, demonstrates the power of Exiger’s technology to transform governance, risk and compliance management for financial institutions and corporations.
Brandon Daniels, President of ExigerTech, said: "Partnering with KPMG, as an evangelist and collaborator in the growth of DDIQ and 3PM, ensures that this technology will be the standard for KYC diligence, corporate intelligence, and third party management in the areas of financial crime compliance and anti-bribery and corruption. The partnership marks a significant moment for Exiger, KPMG and the entire compliance market.”
