NEW YORK, July 18, 2019 /PRNewswire/ -- KPMG LLP (KPMG) has been granted a patent by the United States Patent and Trademark Office for performing signals processing, dynamic analysis, and forecasting of risk.
KPMG's new patent – U.S. Patent No. 10,339,484 – is a core component of KPMG's Third Party Intelligence service, which was launched in 2016. Third Party Intelligence empowers businesses to take pre-emptive action against third party disruption, such as disruption within a supply chain. The technology monitors and reports third party vulnerability as well as projects its impact well into the future, allowing clients to act ahead of time.
Conventional methods for forecasting have shortcomings due to information analysis techniques and technologies. Many organizations monitor events, such as news stories, without any additional context or analysis. KPMG's Third Party Intelligence service provides dynamic filtering of signals using sophisticated algorithms designed to pinpoint and project vulnerability trends in individual third parties and the countries in which they operate. This makes Third Party Intelligence's insight actionable – a key differentiator from risk data providers who leave this analysis to the client. The solution draws on data sources including financials from thousands of third parties in 90 countries, as well as millions of news feeds, websites, and blogs from 48 countries.
"Third Party Intelligence allows us to alert clients to vulnerabilities in advance, giving businesses the insight to act ahead of time and potentially avoid disruption altogether," said Larry Raff, a KPMG Advisory partner and one of the inventors of the Third Party Intelligence technology.
In addition to Raff, Third Party Intelligence was co-invented by the KPMG team of Pradeep Pai, Andrea Urban, and James Schneider.
The patent is one component of KPMG's intellectual property portfolio and builds on strategic investments in emerging technologies and partnerships with some of the world's leading technology companies to develop and deploy technology-based solutions to complex business challenges.
"KPMG is driving innovation across our firm, and generating intellectual property as we create transformative solutions for our clients to address their most complex business challenges," said Mike Nolan, KPMG Vice Chair, Innovation & Enterprise Solutions. "Technology-powered disruption is happening at unprecedented speed and rapidly reshaping industries. We look at disruption as an opportunity to strategically invest in our people, capabilities, and ideas that will put innovation at the core of everything we do. Our Third Party Intelligence solution is an example of that type of innovation at work."
To learn more about KPMG and Third Party Intelligence, visit: https://advisory.kpmg.us/services/risk-strategy-compliance/operations-and-compliance-risk/third-party-risk.html
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About KPMG LLP
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SOURCE KPMG LLP