KPMG automates client onboarding processes

KPMG LLP, an audit, tax, and advisory firm, works with their clients to address challenges in regulatory compliance and reporting programs. KPMG has developed a managed service that changes the paradigm for satisfying regulatory compliance requirements. The platform leverages comprehensive domain knowledge and leading edge technologies to enable straight-through-processing where intelligent machines process more than 80% of the information and escalate exceptions to a small team of human operator for exception handling.

Smartlogic’s Semaphore is a key component of the KPMG platform where client information is ingested into the system once, validated and stored centrally so that it can be shared across departmental boundaries. Semaphore uses a semantic model to analyze the information from “unstructured” sources, automatically generate metadata to enrich the documents, and extract the critical facts, entities and relationships. The extracted information is analyzed by a policy engine, which applies more than 6,000 business rules that represent the relevant regulations. The enriched source documents and results are stored in a NoSQL database. An orchestration engine executes workflow processes that route exceptions to the appropriate work queue.

Customers report an 80% reduction in manual labor out-of-the box improvement to comply with KYC, FATCA and CCAR regulations and a 90% improvement with customization. In W8-BEN-E processing, clients achieve more than an 80% improvement in validation and due diligence and results are precise, auditable and transparent.

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