Today’s accelerating pace of change brings with it an indispensable need to manage the ever-increasing volume and velocity of critical business data. Major business disruption can erupt in an instant if your data is not managed correctly. Gaps in data controls and capabilities need high prioritization, driven by more regulatory demands on digital and cloud components. Amid the growing complexity of smart data management, KPMG professionals support a diverse portfolio of modern digital solutions that focus on the need for trusted data across multifaceted data landscapes.

Collaborative global teams of KPMG professionals bring a deep understanding of sustainable change that can help you achieve efficient transformation through data. By identifying and evaluating where trusted data and timely data-based insights can uncover opportunities, KPMG professionals can help you enhance growth and revenue.

How KPMG professionals can help

Employing a meticulously crafted data governance model that centers on a risk-based approach can help determine what data should be placed under governance and the extent of governance required. It allows your organization to channel its resources strategically, focusing on what truly drives business value, identifies data with a substantial impact on your financial position, and can help ensure some of the highest levels of trust when reporting to external parties.

KPMG professionals can help lead your transformation journey through the vast data landscape, skillfully pinpointing strategic growth opportunities and delivering valuable insights grounded in data-driven precision. An unwavering commitment to data trust helps pave the way for a digital transformation that is not only successful but also poised for sustained excellence.

KPMG firms’ approach instills confidence in the data that’s being used for critical business processes, including strategic planning, customer insights and compliance with international laws and regulations. The aim is to help minimize risks associated with erroneous or outdated information, safeguarding businesses against costly errors and regulatory violations. Moreover, this approach helps promote collaboration and data sharing across departments, breaking down silos and fostering a modern collaborative culture of data-driven decision-making.

AI-solutions open the pathway to an enhanced and unprecedented generation of data management solutions. KPMG professionals can guide financial institutions on their way to implementing state of the art AI-solutions for data governance and data quality. The KPMG digital solution portfolio encompasses machine learning, NLP and generative AI: By detecting and correcting errors in data sets, machine learning algorithms identify patterns and anomalies, flagging potential errors for human review. Natural language processing analyzes unstructured data, such as text, to identify inaccuracies or inconsistencies. AI monitors data sources for changes or updates, helping ensure the most current and accurate information is used. By improving data quality with AI, organizations can be equipped to make more informed decisions and reduce the risk of errors or biases in their analyses.

Data governance has been on the agenda for many years. Nevertheless, design and implementation of effective data governance structures and meaningful measurement of data quality is a challenge to financial institutions and of major concern to supervisors. KPMG firms have developed a leading data governance framework, including a data quality approach to manage high-quality data across divisions and across the broader data aggregation process. KPMG professionals apply this framework to the individual need of organizations and implement data governance and data quality standards by employing an agile roll out-concept, including change management to help ensure effective implementation and a vivid data culture.

Undeniably, ESG ranks top on the agenda of decision-makers of financial institutions across the world. Integration of ESG data into data models and data aggregation processes is thus a major challenge to organizations. Identifying relevant ESG data in-and outside of the organization, integrating ESG data in data aggregation processes to produce meaningful ESG-related KPIs and the application of ESG data to sound data management standards is where KPMG professionals can focus and contribute with leading digital solutions.

Compliance with regulatory requirements for data management is back on the agenda of regulators. Data management capabilities are subject to onsite inspections, fire drills and supervisory review and evaluation processes. Financial institutes need to demonstrate that they have interpreted regulatory requirements considering their business and risk profile, and that data management is well established and effectively managed with steering and accountability from the top management. KPMG professionals help to guide through supervisory audits and reviews. Based on KPMG firms’ wide-ranging industry benchmark, audit capacity and implementation expertise advisors review and identify weaknesses in design and implementation of regulatory requirements relevant to data management as well as they derive remediation measures tailored to the organization.

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