The world of Financial Services historically has been a, very fast moving world.
It is the oil in the engine room of economic activity.
KPMG firms’ act for some of the very largest organizations in the world which are truly global companies to very small independent houses and even start ups.
We are going through a period of change, arguably quite profound change and the industry has to reflect on, what its role is going to be in the future.
Financial organizations have to look at their business model, decide what is really core for them and divest themselves of businesses that are no longer core to that business model.
They have to look at the efficiency of their process, to see if they can make that more efficient and therefore achieve economies by reducing their cost base. They have to look at the, quality of their governance processes and their risk management processes to make sure they genuinely understand the risks that they’re taking.
They have to reassess the amount of capital that they’re going to need to support the businesses that they’re going to operate.
They have to re-examine the way in which they engage with their customers.
They have to retain the talent that they have in that organization. Because without that they’ll not be able to function competitively in the marketplace.
When you look at the type of work that KPMG firms are doing at the moment I mean in a sense it falls in to sort of two categories. There is, the sort of remediation work that is being done with some organizations who were perhaps the most distressed during the financial crisis.
We’re working with, governments to help implement some of the asset protection schemes that are being made available globally.
And the other part of it is looking at those organizations that perhaps weren’t so distressed but will be impacted by the changes that are going to come through in terms of new regulation, and help them understand what the impact of that is going to be on their organization, and what changes need to be made.
People often ask us what differentiates KPMG from other professional service providers and, and I genuinely believe we are different.
This has been part of our business for so long and it is the biggest part of our business and that allows us to build an enormous reservoir of, talent and experience that we’re able to offer back in to the industry.
The quality of our people is different. We’re an organization that espouses a lot of values and core to that is our, willingness and desire to have effective and enduring relationships with our clients. So we’re not an organization that just wants to come in, deliver and go, we want to come in, deliver and then stay and support our client, as they progress through their own lifecycle.
What I love to see most is, the reaction of our clients and the consistent messages that come back of how impressed they’ve been with their interaction with KPMG.
How they tell us time and time again how pleased they were that they’d made the right choice, and that we’ve genuinely added value to their organization. And, and those messages are the things that we take the greatest pride in.