The agreement will see Exiger's artificial intelligence (AI) technology, DDIQ platform, embedded into KPMG’s systems to offer a branded, custom version to help financial institutions and corporations to use machine-learning and natural language processing to support critical Know Your Customer (KYC), due diligence and reputational risk management processes.

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 fulfil 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 amid the weight of growing regulatory pressure in today's market,’ 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 and corruption, 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 routine compliance tasks is no longer the most effective way of working.’

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 anti-bribery risk management process.

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.’

Report by Sara White