With increasing demand for businesses to provide quality customer service, keeping up-to-date with Australia’s complex regulatory frameworks can be challenging. Providing customer-centric remediation services that comply with regulatory frameworks is crucial to rebuilding loss of trust and creating better relationships with consumers.
KPMG’s Customer Remediation Managed Services provide tailored remediation services that can help you to meet regulatory requirements and deliver appropriate outcomes for both parties.
Our range of support models include subject matter knowledge, industry guidance and managed services underpinned by people, processes, and technology.
Need help with customer remediation?
Find out how KPMG’s Customer Remediation Managed Services can add value to your business.
How customer remediation managed services can help
KPMG’s Customer Remediation Managed Services specialists have extensive Australian and international domain experience in:
- advice and wealth remediation
- retail and commercial lending, including mortgages
- consumer credit
- derivatives and equities trading
- motor finance
- fees and charges
- insurance, insurance including general insurance premiums (pricing promises) and life insurance premium refunds
- deceased estates
- duplicate member accounts
- product remediation
- financial crime, including ECDD, AML/KYC, mules and transaction monitoring
- workers compensation benefits.
Customer remediation services and support
Outsourced remediation delivery
Subject matter specialists
Outsource your customer remediation program. KPMG works with clients to align objectives, scope and timelines to develop a remediation approach tailored to your business needs. Our experienced teams can help you conduct file/case reviews and quality assurance to deliver remediation.
Subject matter specialists
Receive specialist support throughout your customer remediation journey. KPMG’s remediation specialists provide regulatory guidance, create artefacts, and can help design your communication strategies.
Remediation management office
Stay in control of your remediation and keep progress on track. Our remediation team is experienced in navigating complex matters with a broad range of stakeholders.
Remediation establishment
Obtain assistance with the design of remediation methodologies, remediation plan design, and the establishment of appropriate governance structures. Our support and expertise extend to root cause analysis, as well as determining the size and scope of the issue to be remediated.
Remediation calculations
Engage our specialist team to guide you through the complexities of remediation calculations, from writing methodology to performing calculations and providing quality assurance.
Data management
Host your data with KPMG or allow us to use your systems. We can review the integrity, security and consistency of your remediation dataset for reliability, and to provide a baseline for subsequent remediation activities.
Technology-based solutions
Leverage our range of technology solutions and adopt automation, AI and machine learning to track, monitor and report on progress. Along with our workflow and reporting solutions, we can support the timely delivery of high-quality remediation programs.
Communications assistance
Receive assistance with the design of your communications strategies, including the drafting of customer letters, FAQs, and call scripts to facilitate effective communication.
Ongoing compliance
Remain compliant with regulatory guidelines after issues have been resolved. To avoid issues from recurring after resolution, KPMG can help set up and execute annual reviews of business processes or conduct independent reviews of existing processes. We can also facilitate the set-up and delivery of an ongoing processes that support compliance.
KPMG’s Customer Remediation Managed Services team
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Frequently Asked Questions
What is customer remediation?
Customer remediation is a corrective measure to return the consumer back to the position they would have been in if an error or breakdown in processes or controls had not occurred.
Why is customer remediation important?
Effective customer remediation helps to rebuild customer trust and loyalty in your business, while fulfilling the goals and expectations set out by regulatory bodies including, but not limited to, the Australian Securities and Investment Commission (ASIC), the Australian Prudential Regulation Authority (APRA), the State Insurance Regulatory Authority (SIRA), and the Australian Transaction Reports and Analysis Centre (AUSTRAC).
KPMG’s customer remediation specialists can tailor remediation services and technology solutions to suit your needs that align with regulatory expectations.
How can KPMG’s Customer Remediation Services team help my business?
For more than 50 years, KPMG has worked with organisations to design effective remediation programs across a broad range of industries for our clients. We bring together subject matter domain knowledge, operational experience and leading technology and capabilities to every client challenge.
By regularly conducting remediation program reviews and providing advice-based support, we deliver cost-effective, efficient outcomes designed to rebuild trust and create better customer relationships for our clients.
How can AI help with customer remediation?
Using regulatory technology (RegTech), rapid and accurate analysis of hundreds of sources of data, including letters, emails or phone records, can be performed by using artificial intelligence (AI) and machine learning technology. AI can quickly identify instances that may be subject to remediation, providing businesses with opportunities to rectify the situation early.